The ambitious 'Green New Deal' will have a huge impact on New York City real estate
Share to twitterNew York City building owners will face steep fines for not complying with new emissions caps, with the cost of retrofits or penalties trickling down to residents in the form of assessments and increased rents.
"It's going to have a big impact on buildings in New York City, there's no doubt about that," says Daniel Avery, director of legislative affairs for the Building Owners & Managers Association of Greater New York , a trade association for commercial real estate professionals in the five boroughs that served on a task force of stakeholders run by the office of Mayor Bill De Blasio to form the basis of the legislation.
"In summary, good for the city and planet long term," Eiden says."Bad for individual unit owners short term." A big part of compliance will come from behavioral and occupant changes, such as tenants turning off lights and air conditioners when they're not in a room.Diana Sweeney, the chief operating officer of EnergyWatch LLC, which provides analytics software for energy management, says she is worried that buildings could comply by switching to electric-powered heating systems, which would have a major impact on the grid, particularly when the Indian Point nuclear power plant goes offline by 2021.
The law’s proponents say that the city, with its large amount of waterfront real estate, is obligated to invest in changes to curb climate change.
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