New York’s Older Co-Ops Could Incur Stiff Penalties Under City’s Green New Deal
New York City’s so-called “Green New Deal” could subject the city’s older co-op apartment properties to significant fines. The Climate Mobilization Act aims to reduce the city’s greenhouse gas emissions. One part of that legislation includes a requirement that buildings of more than 25,000 square feet conduct retrofits, such as replacing windows and adding insulation, to become more energy efficient.
A new Wall Street Journal study found that 20% of all New York City buildings would face a penalty in 2024, and 80% would in 2030 with current energy-use patterns. Another study by the College of New York City found that 10 Queens co-op buildings will likely be hit with more than $100,000 in fines each.
The city’s director of the Mayor’s Office of Sustainability says that the emphasis would be to help building owners avoid fines by reaching emission targets, not on collecting fines.