In four years, tens of thousands of buildings in New York City will need to meet strict carbon emission caps. But landlords are hopeful that key changes will be made before then.
Local Law 97, enacted in May 2019, is part of a push for a 40 percent reduction in citywide emissions by 2030 and 80 percent by 2050. To achieve these goals, most properties larger than 25,000 square feet must limit emissions based on the building type and size. Owners who fail to adhere to the law’s caps will be on the hook each year for $268 per metric ton of emissions that exceed the limit.
For some buildings, annual fines would be in the millions, and even with retrofits, some might not be able to comply.