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Why NYC s Local Law 97 Matters for Property Owners Everywhere

NYC Mayor Adams vows aggressive action on climate but questions remain on new emissions law

Marking his first Earth Day as mayor, Adams hosted a press conference in Queens to bring attention to “NYC Accelerator,” a program launched in 2015 to help landlords retrofit their buildings and become more energy efficient. But Adams was less adamant about Local Law 97, which is supposed to force building owners to abide by strict emissions caps.

Balancing Incentives to Maximize Emission Reduction

Balancing Incentives to Maximize Emission Reduction
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Update Regarding New York City s Climate Mobilization Act (CMA) and the Reduction of Carbon Emissions in New York City | Pillsbury - Gravel2Gavel Construction & Real Estate Law

Update Regarding New York City s Climate Mobilization Act (CMA) and the Reduction of Carbon Emissions in New York City | Pillsbury - Gravel2Gavel Construction & Real Estate Law
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Carbon Emissions and the Recent Climate Mobilization Act of New York City | Pillsbury Winthrop Shaw Pittman LLP

To embed, copy and paste the code into your website or blog: Developers and building owners, tenants and lenders operating or underwriting loans in New York City, and perhaps beyond, should consider the impact of the city’s newly enacted Climate Mobilization Act (CMA or the Act). TAKEAWAYS The Climate Mobilization Act constitutes a profound shift in the regulation of commercial real estate in New York City and all stakeholders including building owners, investors, sellers and purchasers, tenants, and lenders will need to consider how to quantify and allocate the costs of compliance (or non-compliance). C-PACE (commercial property assessed clean energy) financing will likely become an increasing feature of the landscape of New York City real estate transactions.

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