Hundreds of people crashed what would have been a routine Department of Buildings meeting to draw attention to proposals by New York City Mayor Eric Adams that they say could gut a landmark piece of climate legislation in the city.
While wealthy landlords can skirt the law with money, low-to-middle income homeowners in co-ops and condos large enough to fall under the regulation cannot afford such luxury. The board and residents of, a Queens co-op with nearly 3,000 units, say they want to comply with the law, but their homeowners — most of whom make less than $100,000 — cannot afford the energy retrofits, the fines or even the RECs to opt out.
They can’t afford to pay the penalty or opt out with the less expensive choice of buying RECs to avoid it. To fully comply with Local Law 97, Friedrich estimated a cost of about $22 million for the entire 125-acre co-op and its 10,000 inhabitants. The residents here in Glen Oaks and many of the co-ops simply don't have the money to afford what they're asking us to do.“It's an absolute disaster,” said Friedrich, who is also president of the. “The residents here in Glen Oaks and many of the co-ops simply don't have the money to afford what they're asking us to do.”
One of the provisions requested by advocates and the City Council is increased assistance to the New York City Housing Authority and other forms of affordable housing to retrofit their buildings. Friedrich said what working class homeowners need is more time and a tax abatement that would allow them to claim the full amount of compliance, not loans and financing that could bankrupt them.
The chief concerns expressed during the public hearing center around fears that the law could become ineffectual.
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