NYC Developers grappling to make sense of Policies
The New York City commercial real estate industry is picking over the details of upcoming city laws that will fine building owners if they exceed new emissions caps. While the industry grapples with the implications of those requirements, Mayor Bill de Blasio has signaled he is not done with legislating building materials over environmental impact, sparking a wave of questions for which the industry wants answers. This month, the City Council passed the Climate Mobilization Act, which requires large and medium-sized buildings to cut emissions 40% by 2030 and 80% by 2050. The worst-performing buildings have five years to bring their emissions down. The new laws set emission caps, and would impose hefty fines if landlords don’t comply. The Real Estate Board of New York, which has criticized the emissions cap laws and believes they will cost the real estate industry at least $4B in building upgrades, is in the dark about further legislation.
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