Op-ed: Climate Mobilization Act is a disaster for co-op owners

The intent of Local Law 97, also known as the Climate Mobilization Act, is admirable. It calls for most buildings of more than 25,000 square feet to meet new energy efficiency and greenhouse gas emissions limits by 2024, with stricter limits going into effect by 2030.

Unfortunately, it endangers the affordability of co-op housing. The co-ops that line the outer boroughs are the last bastion of truly affordable housing in New York. The Manhattan-centric City Council views all co-ops as multimillion-dollar prewar residences on Fifth Avenue or high-rises near Billionaires Row. But the overwhelming majority of affordable New York co-ops can be purchased for less than $300,000 in

→ Continue reading at Crain's New York Business

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