Real Estate Weekly
The city’s new carbon emissions laws are set to cost the real estate industry some $20 billion over the next decade.
And as a retrofitting program that is estimated to be the biggest in the world gets underway, owners are being urged to think ahead to avoid running out of time and help.
“We need the market to function rationally,” said John Mandyck, CEO of the Urban Green Council. “The market is prepared, in my opinion, but we need them to be early adopters.
“For the majority of buildings we have 10 years to plan for this, which is a luxury in compliance.”
Mandyck spoke to a crowd of architects, engineers and building managers during an event hosted by Spacesmith as part of Climate Week in New York City.
He explained how the non-profit Urban Green Council has been trying to educate the real estate industry on what the recently passed Carbon Emissions law means for them and their buildings.
He said the estimated total cost to owners retrofitting their buildings over the next decade will be about $20 billion as the market expands to 13 times the size it is today.
Local Law 97, enacted in May, will impact 50,000 buildings, 59 percent of them residential, 41 percent commercial.
The Urban Green Council, which researched the issue for two years prior to the law’s signing, also helped draft it.