New York City has passed a measure that caps emissions for large buildings – part of a handful of bills called the Climate Mobilization Act that are intended to combat climate change on a municipal level. The measure will likely create thousands of blue collar jobs – and cost the city’s landlords billions of dollars.
The bill was approved by the NYC city council last week on a 45 to 2 vote. It sets emissions limits on buildings over 25,000 square feet and requires landlords to retrofit buildings with new windows, heating systems and insulation. The goal: a 40 percent reduction in emissions by 2030. The hammer: large fines for landlords who fail to meet the limits.