New York City building owners who are not in compliance with NYC’s emissions-reduction law by the end of this year are facing more than $200M a year in penalties, according to an estimate in a report commissioned by the trade group Real Estate Board of New York (REBNY).

Local Law 97 (LL 97), enacted in 2019, aims to cut greenhouse gas emissions from NYC buildings by 40% by 2030 and 80% by 2050. The law sets emissions reduction targets for building owners, with fines for non-compliance kicking in on Jan. 1, 2024 and increasing in 2030.

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