Time is running out for New York City co-op and condo owners to upgrade inefficient, fossil fuel-burning heating and cooling systems as mandated under city Local Law 97 — or face stiff penalties.
Many co-op and condo owners are fretting about the implementation of the climate legislation, due to take effect in January 2024, since the penalties could potentially lead to a spike in assessments. Furthermore, costly retrofits that might be required in order to comply with the law are also likely to lead to higher assessments.
