Bill Seeks to Apply Emissions Cap to Rent-Regulated Buildings

New York City Council’s Committee on Environmental Protection recently held a hearing on Intro. 1947, a bill that would amend Local Law 97, which requires applicable buildings to cap carbon emissions. Local Law 97 mandates a 40 percent reduction in citywide emissions by 2030 and 80 percent by 2050. To achieve these goals, most properties larger than 25,000 square feet must limit emissions based on the building type and size or pay huge fines.