In the next five years, New York City’s building owners will need to radically rethink their approach to climate change — both for the health of the planet, and to avoid hefty fines.
On the latest episode of the REInterview, TRD’s Hiten Samtani sat with the Urban Green Council CEO John Mandyck to break down real estate’s path to a greener future. And one thing is clear: Change is coming, thanks to Local Law 97, a major piece of legislation aimed at reducing the city’s carbon footprint by making its buildings greener.
“[Local Law 97] will deliver the largest carbon reduction of any city in the world,” Mandyck said.
The law will force property owners who manage buildings over 25,000 square feet to meet strict carbon emissions caps by 2024, or face hefty fines.
Mandyck worked closely on the legislation along with the Real Estate Board of New York, among others — “70 people from 42 organizations,” he said. Still, he admits that the legislation is not perfect.
“Density should be your friend for sustainability,” he explained. “Under Local Law 97, it’s not.”
Watch the video above to find out more, or read the latest REInterview for more on real estate’s path to sustainability.