Real estate pushes back at City Council bill banning fossil fuel in new buildings

The real estate industry is fuming about a new bill introduced by the City Council on Thursday that would ban the use of fossil fuels in all newly constructed buildings or in renovated buildings beginning in two years.

That timeline is too unrealistic, said Real Estate Board of New York President James Whelan, who called the bill’s intention “laudable,” but said that it “puts forward a fundamentally flawed proposal that would upend the lives of millions of residents across New York City and significantly increase costs for homeowners and renters.”

The bill, sponsored by Councilwoman Alicka Ampry-Samuels, would require those buildings to remove their gas hookups and use electricity instead. But

→ Continue reading at Crain's New York Business

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