Residents at Queensview cooperative fear their maintenance fee will soon double as deadlines approach for Local Law 97.
Photographer: Natalie Keyssar/Bloomberg
NYC Condo Owners May Bear Costs of Landmark Green Building Law
As deadlines approach for Local Law 97, residents face fee and rent increases. Lawmakers are considering tax exemptions to ease the burden.
New York City residents, already grappling with some of the country's highest housing prices, face extra costs to comply with a law mandating greenhouse gas emission cuts at their buildings.
At Queensview cooperative, residents in the 726-unit housing complex — about half of whom are retirees — fear that their roughly $1,000 maintenance fee will soon double to cover the cost of electrifying their heat and hot water systems over the next five years. “People have very large mortgage payments” and may not be able to handle the added burden, said Alicia Fernandez, treasurer of the co-op.