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Proposed amendment to Local Law 97 would significantly reduce penalties and emissions requirements.

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President @ Gotham Building | Project Management, LEED GA | 646-450-1305 | straub@gothambuilding.com

⚖️ Major Amendments to Local Law 97 for Co-ops and Condos🗽 A new bill led by Councilwoman Linda Lee aims to provide significant relief by reducing fines associated with Local Law97, which mandates large buildings to cut greenhouse gas emissions. 📜 Bill Adjustments: The proposal allows co-op and condo buildings to include gardens and green spaces in their emissions calculations, effectively increasing permissible emission limits and reducing retrofit costs. 💸 Financial Relief: Buildings with an average unit value below $65,000 could see exemptions or significant reductions in fines from 2030 to 2045. 🌿 Practical Revisions: The Department of Buildings may adjust emission limits for buildings that have made eco-friendly upgrades, such as installing solar panels or switching from oil to gas. 🧑⚖️With backing from 24 council members and the Real Estate Board of New York, this bill is gaining traction. However, it faces opposition from environmental advocates concerned about weakening the city's climate efforts. Council members are pushing for a vote by year-end to balance environmental goals with the financial realities faced by building owners. 🌱🏙️ #LL97 #locallaw97 #Landlords #PropertyManagement #nyc #NYCRealEstate #RealEstateDevelopment Gotham Building

City Council looks to slash Local Law 97 fines for co-ops, condos

City Council looks to slash Local Law 97 fines for co-ops, condos

crainsnewyork.com

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