The Real Estate Board of New York (REBNY) is the City’s leading real estate trade association representing commercial, residential, and institutional property owners, builders, managers, investors, brokers, salespeople, and other organizations and individuals active in New York City real estate. REBNY thanks the Committee for the opportunity to testify on legislation that would apply carbon emission caps to certain buildings containing rent-regulated units.
Achieving our shared climate goals requires participation from all sectors, a truth the real estate industry has long realized. Many real estate firms have for years maintained their own commitments to cut greenhouse gas emissions, lower energy consumption, reduce water consumption, and divert more construction debris from landfill. These efforts – often undertaken in partnership with City policymakers – combined with commitments to develop, operate, and maintain energy efficient buildings are central to the industry’s guiding principles.
For this reason, REBNY shares the City’s environmental goals and appreciates that the building sector collectively needs to make meaningful carbon reductions in order to reach those goals. REBNY supports data driven public policy to do so. It is therefore essential that the Council undertake a rigorous analysis of this proposed legislation as any expansion of local carbon reduction mandates must be reflective of buildings’ physical and financial realities, particularly now in a moment of economic downturn.