Understanding the Impending NYC Climate Law: What Co-op and Condo Owners Need to Know
Large co-op and condo buildings in Flushing are among those required to adhere to new environmental standards next year. | Ben Fractenberg/THE CITY By Haidee Chu, The City This article was originally published on Jul 5 5:00am EDT by THE CITY NEW YORK - Property owners with lower or fixed incomes are scrambling to fund renovations to comply with a city climate law that requires buildings to reduce their carbon emissions. They say the city has not provided viable financing options, or explained what mitigating factors could ease potential noncompliance penalties for the law that’s set to take effect in just six months. Local Law 97 , passed in 2019, will apply beginning in January to almost all buildings 25,000 square feet and larger — running the gamut from schools and multi-family homes to hospitals and distribution centers. The law’s intent is to address climate change by forcing buildings — which are the city’s biggest polluters — to reduce carbon emissions with the goal of