Mark Pipher
NEW YORK CITY—Earlier this year, The Climate Mobilization Act was passed in New York City Council and the city's real estate market is expected to undergo a vast change to push back against climate change. There are 11 pieces of legislation that are part of the Act, but the centerpiece is Local Law 97 of 2019, which establishes strict carbon emissions limits for New York City buildings larger than 25,000 square feet.
Local Law 97 is the most aggressive climate legislation to date for buildings of this size and is setting the precedent for a more sustainable future. The new law places buildings on route to meet the city's goal to reduce overall carbon emissions 40 percent by 2030 and 80 percent by 2050. Starting in 2024, building owners who don't comply and stay within the limits will be heavily fined.
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