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.
Level Infrastructure, an engineering consulting firm that conducted REBNY's study, found that up to 3,700 NYC properties could be hit with fines exceeding $200M per year under LL 97—numbers that it says will surge to 13,500 buildings and $900M/year in penalties by 2030.
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