Co-op and Condos United rally for amendments to Local Law 97

Manhattan, NY Co-op and Condos United of New York (CCU), a coalition of co-op and condo owners from across the five boroughs that represents the interests of the more than one million New York homeowners who live in this type of housing, hosted a rally at the Southbridge Towers Co-op in Lower Manhattan to raise awareness about the affordability crisis currently blighting the cooperative housing community. Building on momentum following a recent rally at Bell Park Manor, the event brought co-op leaders and residents together to address Local Law 97 (LL97) and the heavy financial burden it is placing on co-ops and condos.

LL97 requires buildings over 25,000 s/f to meet new greenhouse gas emissions limits and take certain measures to reduce their carbon footprint. The high upfront costs for implementation and the severity of fees for lateness or noncompliance - without clear guidance from the city - is inordinate. As it is currently written, LL97 will put co-op communities across the city under extreme financial strain. The coalition urges legislators to re-evaluate the timelines and penalties of LL97 to ensure fairness and equity in the implementation of LL97 so that co-ops and condos in NYC remain affordable for working and middle class homeowners. Additionally amendments to the legislation are needed so that seniors and those living on a fixed income can remain in their homes

“It is amazing to see the recent outpouring of support from and for the co-op community as we work tirelessly to advocate for this essential pathway to affordable homeownership for the middle class,” said Jane Menton, legislative director of CCU. “The momentum we’re building across the City shows the importance of our political priorities, including fighting against mandates like LL97 that are wreaking havoc on our community. We are grateful for everyone who came out today and their commitment to supporting New York’s vibrant and important co-op community.” 

“Rising maintenance costs, skyrocketing insurance premiums, increasing property taxes, higher utility expenses, and costly legislative unfunded mandates are putting tremendous financial pressure on homeowners across New York,” said Michael Wolfe, co-founder, Co-ops and Condos United of NY. “For too long, co-op and condos have faced these challenges in isolation. Co-ops and Condos United of NY was created to bring these communities together with one unified voice. Our live events bring this information directly to residents, giving shareholders the information they need to understand these issues and the opportunity to take action. When thousands of shareholders and board members share a common mission, we have the power to raise awareness, influence public policy, and fight for practical solutions that protect affordable homeownership for current and future generations.” 

“Despite decades of proactive investments in green, modern upgrades, including solar panels, Celtic Park now faces overwhelming financial burden from rigid NYC mandates such as Local Law 97,” said Charles Herzog, president of Celtic Park Towers. “For our community, these punitive measures directly threaten the long-term housing affordability that our many middle-income residents rely on.”

“Local Law 97 poses an existential threat to our community: the costs of optimization and retrofitting will easily outweigh all the other financial challenges we have faced in the past decade,” said Charles Chawalko, board secretary of Southbridge Towers. “This would lead to arduous decisions that could risk the financial security of both our cooperative and the shareholders who call it home. Our cooperative is not facing this fate alone. It should be self-evident that exemptions and reforms must take place so that our city’s aging housing is NOT financially endangered by the onerous burdens set forth by LL97.”

The rally featured the voices of co-op leaders and residents from across the City.