NYC’s Local Law 97 threatens affordable housing

The Bozos Who Run Our City Found a New Way to Make New Yorkers Hesitate going to florida To decide:

Freeze them.

among the destructive effects of stupidity is said to be local law 97Which would require most apartment buildings to convert their heating systems to reduce greenhouse gas emissions should electric heat — the city’s priority — not work as well as fossil fuel-burning boilers.

Bob Frederick, board president of Glen Oaks Village in northeast Queens, the city’s largest garden-apartment complex, warns that heat pumps for electric systems “are only efficient for temperatures in the 30s and 40s. become less efficient for.”

In other words, he said, “Get out the heavy coat and gloves.”

The law, set to take effect at the end of the year, may only spur more middle and working-class homeowners. out of town, Frederick calls it “mad”.

Residents of Glen Oaks Village and Bay Terrace Cooperative, in Queens, face staggering future costs for an “environmental” overhaul.

Insane law spells financial havoc for many the city’s 3,700 co-operative and condo buildings, containing 800,000 apartments. It required buildings over 25,000 square feet to either switch to electric heat or replace their boilers. cut greenhouse gas emissions,

“I’ve never had a problem that really kept me up at night,” said Warren Schreiber, Bay Terrace’s board chairman for twenty-five years.

The new law, signed by Bill de Blasio on Earth Day in 2019, will not affect the former mayor's Brooklyn property portfolio.
The new law, signed by Bill de Blasio on Earth Day in 2019, will not affect the former mayor’s Brooklyn property portfolio.
john stopped

Unlike rental apartment towers owned by real estate companies with a substantial revenue base, the cost of heat conversion in co-ops and condos will be borne by the individual shareholders and owners, either in the form of assessments or substantial increases in monthly maintenance costs.

But do so, the city demands — or face hefty fines. The Real Estate Board of New York estimates that affected buildings will face fines of more than $200 million if they don’t comply with the changes, rising to $900 million by 2030, when emissions regulations get even tougher.

Climate change may well be occurring, although much more slowly than the New York Times panic-pushers would like us to believe. But we must freeze our petits to prevent a strictly theoretical climate cataclysm that belongs on the Sci-Fi Channel.

Building management, including the Upper East Side skyscraper where I live, is grappling with the complexities of all the legislation.

But the most pain will be felt by residents of modest-priced buildings who do not have large reserves or other resources to pay for “woke” decrees.

Of the 200-unit Bay Terrace complex in Bayside, Queens, Schreiber said, “We don’t know how we’re going to pay for it.”

He also can’t figure out what steps will bring the complex into compliance because the rules are so hard to follow.

It would cost Bay Terrace $3 million for the heat pumps alone to go fully electric, in addition to the myriad other expenses required for the conversion.

Shareholders will have to pay a hefty assessment or a 30 per cent hike in monthly maintenance. Schreiber said, “We don’t have million-dollar luxury units like in Manhattan. We are a middle-income and working class cooperative. We have a lot of teachers, civil servants, single-parent families and senior citizens.

"The city is out of control" said Robert Frederick, board president of the Glen Oaks Village Co-op on Union Turnpike in Queens.
“The city is out of control,” said Robert Frederick, board president of the Glen Oaks Village Co-op on Union Turnpike in Queens.
William C. Lopez

“Many seniors would have to downsize” to smaller units to stay.

In the sprawling Glen Oaks, more than 10,000 residents live in 134 buildings. Frederick said, “We have 96 boilers” that all have to be replaced. “We have to spend $24.5 million for new boilers we don’t need.

“Even if we put in the most efficient boilers,” he said, the fines would reduce slightly but “not go away” completely because it is impossible to meet the emissions reduction limit without switching to the electric system.

“I’ve been chairman of the board for 25 years and I’ve never had a problem that kept me up at night.”

Warren Schreiber, Board President, Bay Terrace Co-op

Frederick said, “But switching to electricity would cost $35 million and saddle our working-class homeowners with the highest electricity rates in the country.” He called it “the largest unfunded mandate the city has ever imposed on its constituents.”

If Glen Oaks doesn’t make the changes at all, “we’re facing a fine of $1.1 million a year,” Frederick said.

the law was passed by the city council and Signed by former Mayor Bill de Blasio April 22, 2019 – With Hoopla on Earth Day. Happily for de Blasio, the two buildings he owns in Brooklyn are too small to require changes.

While the middle class impoverishes, low-income housing such as the city’s own slum empire NYCHA unexpectedly receives big breaks over deadlines and implementation.

A coalition of co-op and condo leaders is suing to block the new law and some council members have introduced a bill to delay it.

But get ready to bundle up.

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