A coalition of cooperative and building owners have filed a lawsuit against New York City to block Local Law 97. The lead plaintiffs in this lawsuit are PCCC co-President Bob Friedrich and Warren Schreiber. The PCCC is working hard on many fronts to ensure that the provisions of Local Law 97 do not bankrupt our Co-op/Condo members. As written, the law calls for devastating penalties if buildings do not sufficiently reduce their carbon emissions by 2024 and further reductions in 2030.
We are actively engaged with both elected officials and other government officials to try to understand how the implementation of this statute will work and ways to reduce the financial burden to an already reeling Co-op and Condo community from the spike in fuel costs; insurance; real estate taxes; other unfunded mandates; construction and high inflation in general.
We strongly recommend you read the lawsuit as it provides a great deal of information on this issue.
We will be communicating in the future as the issues develop. Feel free to contact us with any questions and/or comments.