Temporarily exempting certain covered buildings from building emissions limits and studying the impact of such limits on such buildings and on the electrical distribution grid.

Local Law 97 of 2019 establishes greenhouse gas emission limits for certain buildings in the City and imposes penalties for non-compliance with those limits. This bill would, for calendar years 2024 and 2025, exempt condominiums, cooperatives, and apartment buildings from emissions limits imposed by Local Law 97. The head of an office or agency designated by the Mayor, in collaboration with the Director of the Office of Building Energy and Emissions Performance, would be required to study and report to the Speaker and the Mayor on the projected financial impact of building emissions limits from 2026 to 2034 on these buildings, as well as to post the report on the City’s website. This bill would further require the Mayor’s Office of Long-Term Planning and Sustainability to study and report to the Speaker and the Mayor on the impact of building emissions limits through 2050 on the City’s electrical grid, as well as to post the report on the City’s website.