Analyzing Potential Impacts of Local Law 97 on New York City Buildings
Local Law 97 will play an important role in New York City's efforts to decarbonize the built environment and address climate change. However, due to the lack of compliance tools and other factors, thousands of buildings across the City could face hundreds of millions of dollars in total fines under LL97 starting in 2024, even if building owners and homeowners invest in the sustainability retrofits and upgrades encouraged by the law. Homeowners in co-ops and condos throughout the City will likely be heavily impacted by these fines.
The Real Estate Board of New York (REBNY) and Level Infrastructure, an engineering consulting firm with expertise in sustainability and infrastructure planning, have produced a new report that analyzes the extent of potential LL97 fines against New York City's residential and commercial buildings.
The new analysis includes a review of possible scenarios under the LL97 assessment periods from 2024 to 2040. This provides an overarching sense of how many buildings citywide could be affected by fines starting in 2024 and moving forward. The analysis also includes individual breakdowns of possible impacts on buildings within each legislative district in New York City, including Congressional, State Senate, Assembly and City Council Districts. This provides further insight on the challenges that building owners and homeowners -- particularly in co-op and condo buildings -- will face within each neighborhood throughout the City. Follow the links below to see the scenario map and more information about each legislative District.
DATA SOURCE: REBNY estimates based on 2019 LL84 data.
As many as 3,780 buildings could face fines under LL97.
Those buildings could face up to $213 million in fines.
As many as 13,544 buildings could face fines under LL97.
Those buildings could face up to $902 million in fines.
As many as 14,850 buildings could face fines under LL97.
Those buildings could face up to $1.1 billion in fines.
As many as 15,832 buildings could face fines under LL97.
Those buildings could face up to $1.3 billion in fines.