Building Owners Face An Even Stricter NYC Climate Plan

Law360 (November 12, 2020, 5:27 PM EST) -- On Oct. 29, the New York City Council passed an amendment to 2019's Climate Mobilization Act, or CMA, that will, if signed by Mayor Bill de Blasio, significantly expand the number of multifamily residential buildings in the city subject to the CMA's strict greenhouse gas emissions limitations.

Earlier that same week, the city's Department of Finance released draft regulations implementing a Property Assessed Clean Energy, or PACE, loan program, to complement the CMA. The amendment, and the release of regulations for the PACE program, affirm the city's intent to push forward with implementation of the CMA, despite the impacts that the...

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