The New York Post recently published an article describing the concerns of Co-op shareholders in New York City with the costs and potential penalties in the implementation of Local Law 97. The article describes what Co-op shareholders have described as the “largest unfunded mandate in New York City history”.
We are pleased to let you know that our partner, Geoffrey Mazel, is quoted in this article. He stated in the article in part as follows:
“Unfortunately, our shared climate goals will not be achieved unless our leaders put forward practical solutions instead of counterproductive penalties that will harm instead of help homeowners comply with these mandates. Otherwise, the costs of owning a home for middle class New Yorkers will just get further out of reach.”
Mr. Mazel has been working with stakeholders and legislators on this issue for many years and is clearly a leading advocate for Co-op/Condo homeowners in New York City. This mandate will have a material effect on our Co-op/Condo Board’s and we will continue to monitor this issue and advise when there are new developments.
The contents of this email update are intended to convey general information only and not to provide legal advice or opinions. An attorney should be contacted for advice on specific legal issues.
