MD Squared Property Group
The New York City Council passed the historically significant Climate Mobilization Act, also known as Local Law 97, in 2019 to reduce greenhouse gas emissions across the city.
The law places stringent caps on carbon dioxide output for many buildings based on their size – a major step towards mitigating climate change.
Local Law 97 ensures that individuals and businesses alike can be held accountable with regard to their emissions.
With annual reports, NYC not only has an eye on compliance but also the potential of financial repercussions for those who fail to uphold standards—a strong reminder that being green is both a responsibility and a privilege!
Condominiums and cooperatives can take action to comply with Local Law 97. These steps will all help reduce emissions from buildings across New York City by:
Condominiums and cooperatives in NYC must comply with Local Law 97, which imposes strict emissions caps on buildings over 25,000 square feet.
The law is part of an ambitious plan to reduce the city’s carbon footprint by 40% before 2030 and 80% prior to 2050 – a lofty goal that will require everyone’s cooperation!
Local Law 97 has presented varying circumstances for condominiums and cooperatives, depending on their size and age as well as the efficiency of current energy measures.
Those structures with already low emissions may be able to comply relatively easily; however, those that are older or lack efficient practices could face costly challenges trying to meet this new law’s regulations.
Local Law 97 is a progressive step toward reducing New York City’s carbon footprint.
For condominiums and cooperatives, while it may present some obstacles in the short term, there are long-term benefits. They can get such benefits by investing in energy efficiency initiatives such as renewable energy sources – ultimately resulting in cost reduction and enhanced sustainability success.
Complying with Local Law, 97 can be a challenging task, due to its stringent requirements and hefty fines if not adhered to. It requires adherence to various other laws in addition to this one, so the pathway is complex yet necessary for businesses across New York City.
What is Local Law 97?
Local Law 97 (LL97) of 2019 is a requirement set by the New York City Council that limits greenhouse gas emissions from large buildings. The law sets hard caps on annual emissions for each building, based on its size and use. Buildings over 25,000 square feet will be subject to LL97.
Who is affected by Local Law 97?
The law applies to buildings over 25,000 square feet that are owned by companies or individuals in New York City. It affects any building that falls into these categories and has more than one living space.
What is the penalty for Local Law 97?
In an effort to reduce pollution, NYC is instituting monumental fines of up to one million dollars per year for the most egregious polluters. Approximately 30,000 buildings will have no choice but to make significant upgrades in order to avoid these costly penalties.
How does NYC LL97 benefit its residents?
Local law 97 benefits New York City residents by improving air quality, reducing greenhouse gas emissions, and protecting public health.
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