Statement by Real Estate Board of New York President James Whelan Regarding Passing of Intro. 1947

Today, the New York City Council passed Intro. 1947, legislation which changes the exemption threshold for compliance with building emissions limits established in Local Law 97-2019. Real Estate Board of New York (REBNY) President James Whelan issued the following statement on the passing of this legislation:

“We strongly support practical measures to limit carbon emissions and stop climate change, and stand ready to partner with the City to educate and aid affected building owners. Even so, it is important to note that the City is enacting legislation with little understanding as to how it will be implemented, who it will impact, and whether it will result in meaningful carbon emission reductions. The City has not done the analysis to identify how many buildings will be impacted or even where these buildings are located—and it has no solutions as to how these critical goals will be accomplished. The City is setting owners up for failure, forcing them to pay fines instead of helping these cash-strapped rent-regulated buildings invest in making environmental upgrades. All of this is occurring at a time when rent-regulated building owners are facing mortgage and tax defaults due to the COVID crisis.”

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ABOUT THE REAL ESTATE BOARD OF NEW YORK

The Real Estate Board of New York (REBNY) is the City’s leading real estate trade association. Founded in 1896, REBNY represents commercial, residential, and institutional property owners, builders, managers, investors, brokers, and salespeople; banks, financial service companies, utilities, attorneys, architects, and contractors; corporations, co-partnerships, and individuals professionally interested in New York City real estate. REBNY conducts research on various civic matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes, and other city, state, and federal legislation. REBNY regularly publishes market data, policy reports, and broker surveys. In addition, REBNY provides for its members: informational, technical, and technological resources; networking and charitable service opportunities; qualifying and continuing education courses; professional education programs, seminars, and designations; career-changing awards; legal advice; and a wide range of additional member benefits. For more information, please visit www.REBNY.com.