New York City Mayor, Bill de Blasio’s (D) Administration stated its Support of Expanding the City’s Strict New Emissions Standards to Rent-Regulated Buildings at a City Council Hearing, Tuesday Sept. 22nd, despite Concerns from some Council Members about the Financial Burden it would impose on Landlords.
Mark Chambers, Director of the Mayor’s Office of Sustainability, spoke in Favor of the Proposal, known as Intro 1947, before the Council’s Environmental Protection Committee, framing it as a Key Component of the City’s Fight against Climate Change. He Estimated that it would bring 1,000 Additional Buildings into Compliance with the New Standards, which would Remove about 100,000 Tons of Carbon from the Air. “We support the intent of 1947 and look forward to working with the council and stakeholders to make sure that we address any potential issues that they may identify,” Chambers said. “We want to implement an expansion responsibly.”
The Proposal, Sponsored by Councilman Costa Constantinides (D-22nd District), would Expand the Requirements under last year’s Climate Mobilization Act to Properties that contain up to 35% Rent-Regulated Units that are Larger than 25,000 square feet. The Law calls on the City to Reduce its Greenhouse-Gas Emissions by 40% as of 2030 and by 80% as of 2050.
The Council initially left such Buildings Out of the Act over concerns that Landlords would Count the Environmental Upgrades they made to their Properties as Major Capital Improvements (MCI), which would allow them to Increase Rents. The Rent Reforms that the State Passed last year, however, Banned the MCI Program in Buildings with up to 35% of Rent-Regulated Units.
Opponents of Intro 1947 in the Real Estate Industry say it would Impose an Additional Cost on Landlords at a time when many are Dealing with Lower Rent Collections due to the Covid-19 Pandemic. Councilmen Kalman Yeger (D-44th District) and Eric Ulrich (D-32nd) raised Concerns about the Economics of the Bill at the Hearing.
“Given the decrease in revenue that they’re having and that they’re experiencing right now, and the financial troubles that they may be going through, I’m just wondering, other than financing, why the city isn’t matching or putting up any of the money in the form of grants to help pay for the capital costs of complying with the new regulations,” Ulrich said.
Chambers stressed that the City was Committed to giving Building Owners as many Options as possible to Comply with the New Law and that the Realities of Climate Change require New York to Act now on Adopting its New Emissions Standards. “We do have 10 years to be able to not only implement the changes required by this law but the changes to reverse significant impacts to our planet related to greenhouse gas emissions,” he said.
NYC Wins When Everyone Can Vote! Michael H. Drucker
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