New York, NY -UNS: Council Member Linda Lee (D – Oakland Gardens) introduced legislation to aid New York’s Co-Op and Condo Owners at the New York City Council’s Stated Meeting of September 28, 2023.
“I’m proud to introduce Intro 1197, which fine-tunes Local Law 97 to protect the housing affordability of working and middle-class condo and co-op residents – many of whom are seniors and retirees living on fixed incomes,” said Council Member Linda Lee at September 28th’s Stated Meeting. “Our City’s goals for climate and sustainability are necessary, which was the original intent of Local Law 97. However, sometimes in the legislative process, unexpected consequences can arise. The bill I am introducing today focuses on the disadvantaged few, whose buildings do not have the resources to get in compliance as quickly as the current schedule of fines demands. These buildings are expected to make costly upgrades and renovations, but can’t do that if they are being drained by penalties…This Council can reduce the City’s carbon footprint while also doing everything in its power to protect and maintain housing affordability for its working and middle-class residents.”
Int.1197 would allow the consideration of open and green spaces as part of the building’s gross floor area when calculating greenhouse gas emissions limits for gardens apartments and co-op buildings. Greenhouse gas emissions limits would also be adjusted if buildings have made prior retrofits to reduce carbon emissions like oil to gas conversions, solar panel installations, or submetered individual units. Int. 1197 would also create a gradual schedule for penalties if the buildings have an Average Assessed Value of $65,000 or less and require courts to consider the median property value of the units in a building as a mitigating factor when imposing penalties.
Local Law 97, as part of the NYC Climate Mobilization Act, is set to take effect beginning in January 2024. The law will set strict limits on carbon emissions from many New York City buildings starting in 2024, and escalate to more severe penalties in 2030 and 2040, with some fines reported to cause monthly maintenance costs for co-op owners to rise by 5 percent. Compliance challenges have been further exacerbated by financial hurdles, with retrofits potentially costing up to $15 billion citywide.
In the Spring, Council Member Lee hosted a Community Town Hall attended by hundreds to discuss Local Law 97 and upcoming legislation in the City Council to protect co-op and condo owners in New York City and provide them with the precious breathing room they need to get in compliance with the current schedule of fines and demands of the law.
