Environmental
New York City's Local Law 97 (Climate Mobilization Act) primarily affects real estate by:
ARequiring all new buildings to be built with green roofs
BImposing limits on greenhouse gas emissions from large buildings, with financial penalties for buildings exceeding the limits✓ Correct
CMandating that all NYC landlords install solar panels
DRequiring energy audits for all residential sales
Explanation
NYC Local Law 97 (enacted 2019) sets greenhouse gas emission limits for most buildings larger than 25,000 square feet. Buildings that exceed the limits face substantial annual financial penalties (approximately $268 per ton of CO2 equivalent over the limit).
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Key Terms to Know
Encumbrance
Any claim, lien, charge, or liability attached to real property that affects its value or limits its use.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Math Concepts
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