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Mayor Adams Considers Property Tax Breaks for Co-ops and Condos Facing Green Mandate Crunch

CEO Khai Intela
Mayor Eric Adams said he would consider tax breaks for middle-class co-op and condo owners who have to pay for updates when the state's green mandates begin. James Messerschmidt Mayor Eric Adams has expressed his...

Mayor Eric Adams said he would consider tax breaks for middle-class co-op and condo owners who have to pay for updates when the state’s green mandates begin. Mayor Eric Adams said he would consider tax breaks for middle-class co-op and condo owners who have to pay for updates when the state's green mandates begin. James Messerschmidt

Mayor Eric Adams has expressed his willingness to offer property tax breaks to middle-class co-op and condo owners who face the financial burden of building upgrades required by the "green" mandate. The mayor's openness to tax abatements comes as anxious residents prepare for the costs associated with Local Law 97, which affects around 800,000 co-op and condo apartments in New York City.

During testimony in Albany on the state budget, Adams spoke about his personal experience with co-op living, highlighting the importance of supporting working-class individuals who reside in these properties. He acknowledged that co-ops and condos hold significant value for their owners and emphasized the need to minimize the financial strain caused by the new energy mandates.

Assemblyman Edward Braunstein raised the idea of collaborating with the city to implement property tax abatements, specifically aimed at incentivizing compliance with the upcoming energy mandates. Adams responded positively, expressing a willingness to work toward finding solutions that alleviate the burden on co-op owners.

The law requires buildings with more than 25,000 square feet to switch from heating oil and natural gas boilers to electric heat. The law requires buildings with more than 25,000 square feet to switch from heating oil and natural gas boilers to electric heat. ZUMAPRESS.com

Local Law 97, also known as the Climate Mobilization Emissions Law of 2019, imposes limits on greenhouse gas emissions for buildings in an effort to reduce carbon emissions by 40% by 2030 and 80% citywide by 2050. The law requires buildings with over 25,000 square feet to replace their outdated heating oil and natural gas boilers with electric heat systems to reduce greenhouse gas emissions.

While most of the 50,000 covered buildings are already in compliance with the law, many co-op and condo owners are concerned about the financial implications of the required upgrades. To address these concerns, Braunstein and State Senator Kevin Parker have introduced the GREEN Buildings Act in Albany, a bill that proposes providing tax abatements to co-op owners for up to 10 years to alleviate the costs.

The advocacy group "Homeowners for a Stronger New York" is actively supporting the bill and is reaching out to constituents in districts with a significant number of co-op and condo tenants. The group aims to garner support and push for the implementation of the bill, highlighting the costly retrofits and fines that homeowners currently face.

Nancy Clopton-Diaz, Treasurer of the Board of Managers at Orion Condominium in Hell's Kitchen, stated, "The GREEN Buildings Act would provide a needed incentive to make these upgrades and support lower greenhouse gas emissions. It is a smart approach, and owners of the Orion Condominium join the many strong supporters of this act. We look forward to working with our colleagues in Albany to get it done this session."

However, the bill does not specify the exact cost of the abatements required to reduce greenhouse emissions in older low-rise garden apartment co-op complexes. The feasibility of implementing green building tax breaks and the associated costs for the city are yet to be determined.

Mayor Adams's commitment to exploring tax abatements reinforces his dedication to supporting middle-class co-op and condo owners in their efforts to comply with the new energy mandates. By actively considering the financial challenges faced by residents and working toward viable solutions, Mayor Adams aims to ensure a smooth transition to a greener future while minimizing the impact on the middle-class homeowners who form the backbone of these communities.

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