In 2019, the New York City Council enacted Local Law 97 (LL97), setting out to significantly reduce greenhouse gas (GHG) emissions in the city by 2050. This move was directed towards the sector of the New York economy responsible for emitting the highest volume of GHGs—buildings.
The legislation presents increasingly stringent limitations on emissions during five-year intervals, effectively putting pressure on around 40,000 buildings across the city. The implementation of these new rules is set to start on January 1, 2024.
On an initial survey, the constraints of LL97 may seem burdensome to building owners. However, recent proposed rule changes look to offer a slight relief to property owners.
This brief was condensed from a May 2023 client alert issued by Kramer Levin Naftalis & Frankel LLP.