What is Local Law 97?
Local Law 97 is one of the most significant pieces of climate legislation in the US. It requires buildings over 25,000 sq ft to meet increasingly strict carbon emission limits. Penalties for non-compliance began in 2024 at $268 per metric ton of CO2 over the limit.
For property owners and investors, LL97 has significant financial implications. Buildings that exceed emission limits face annual penalties that can run into hundreds of thousands of dollars. Understanding a building's current emissions and required improvements is now a critical part of due diligence.
Frequently Asked Questions
What is Local Law 97?
NYC climate law requiring large buildings (25,000+ sq ft) to meet carbon emission limits. Penalties of $268/metric ton began in 2024.
Does LL97 affect property value?
Yes. Buildings that need significant upgrades to comply face capital costs that affect valuation. Non-compliance means ongoing annual penalties.
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