Landlords In NYC Can Buy Their Way Out Of Climate Compliance

One way or the other, all it means is that tenants will be paying

Landlords can buy their way out of NYC’s climate law starting this week

As a candidate, Mayor Zohran Mamdani pledged to close loopholes that allowed landlords to limit compliance with the city’s landmark law capping building emissions.

But later this week, landlords will have the opportunity to buy their way out of the climate law through an energy credits program initiated by his predecessor, Mayor Eric Adams.

Advocates say the ability to purchase renewable energy credits disincentivize property owners from reducing emissions. They say the credits cost less than the necessary climate-friendly upgrades or the penalties for noncompliance with the climate law, known as Local Law 97.

“Advocates”. Do any of them actually own rental property in NYC?

Local Law 97 is intended to force landlords to reduce emissions from buildings, which account for about two-thirds of the city’s carbon pollution. But many landlords and co-op owners have long said they cannot afford to retrofit their buildings to reduce pollution, and that the penalties for noncompliance are onerous.

“Pollution”. CO2 is not a pollutant.

The New York State Energy Research and Development Authority will put the first round of credits up for sale on Wednesday. The credits are projected to generate nearly $1.8 million that will go toward the Champlain Hudson Power Express transmission line bringing hydropower from Quebec to New York City.

Oh, good, from Quebec. I wonder how much of the money will disappear into graft and fraud?

“The City is committed to helping property owners reinvest in their own buildings and avoid penalties by getting on a manageable compliance pathway to reduce carbon emissions through energy efficiency retrofits,” he said. “Local Law 97 allows covered building owners to purchase renewable energy credits as one of those compliance pathways, which supports a cleaner grid for our city and helps to cut down on overall pollution.”

“Helping.” Force is not help.