CNYC releases Co-Op and Condo Affordability report with recommendations for Mamdani Administration and city council

Manhattan, NY The Council of New York Cooperatives and Condominiums (CNYC), a non-profit representing nearly a thousand co-ops and condos across New York City, released a set of “Reasonable Recommendations” for the Mamdani Administration and New York City Council to help middle-class homeowners comply with Local Law 97 (LL97) and other city regulations in the midst of an affordability crisis.

CNYC’s recommendations range from structural solutions, such as establishing a one-stop shop to help owners track and manage compliance obligations across all city agencies, to Local Law 97-specific recommendations, such as capping annual LL97 penalties for 2035–2050. All recommendations are aimed at supporting compliance rather than undermining the policy goals of well-meaning legislation, while helping co-op and condo homeowners afford to meet compounding regulatory requirements.

“We applaud Mayor Mamdani’s elevation of affordability as a pressing issue facing New Yorkers and are grateful for his administration’s creative and collaborative approach to addressing it,” said Derek Jones, president, CNYC. “Our reasonable recommendations offer the Mamdani administration and city council a path forward that will help support co-op and condo homeowners through compliance with the city’s many well-meaning, yet onerous and expensive regulations, and keep middle-class New Yorkers in our city for the long haul.”

Costs have increased drastically for co-op and condo homeowners due to increased regulatory requirements and the hardening of the insurance marketplace. From 2019 to 2024, per-household co-op operating costs rose sharply across every major category: insurance climbed approximately 120% (+$777 per household), fuel and utilities rose ~33% (+$486 per household), repairs and maintenance ~31% (+$446 per household), labor ~21% (+$1,337 per household), and real estate taxes ~20% (+$2,380 per household).

On top of dozens of recent pieces of legislation that could cost homeowners tens of thousands of dollars over the next several years, the upcoming LL97 2030 compliance period threatens to be prohibitively expensive for middle-class co-op and condo owners. Based on actual energy audits of CNYC member buildings, per-household upgrade costs range from $12,390 to $90,397, depending on building size and current systems. These are costs that must be paid by homeowners.

Reasonable Recommendations for the Mamdani Administration and New York City Council to keep Co-ops and Condos Affordable

To address rising costs, onerous regulations, and upcoming cost-prohibitive deadlines, CNYC proposes several structural recommendations to help co-ops and condos comply:

Create a “One-Stop Shop” for viewing and managing compliance requirements. Modeled after Speaker Menin’s one-stop shop for small business support, a unified co-op/condo portal could display each building’s compliance obligations across all city agencies to reduce confusion, prevent violations, and create efficiencies, replacing the current burden of homeowners having to navigate dozens of separate agency websites.

Conduct a study of overlapping laws and codes to identify where local laws conflict or trigger compounding costs, in order to reduce compliance burdens without impacting safety or quality of life.

Engage co-op and condo stakeholders during the introduction of legislation to review implementation costs and logistics before bills are passed, curtailing the capital and operating burdens that currently compound affordability pressures.

To help co-op and condo homeowners achieve LL97’s climate goals without compromising affordability, CNYC proposes the following recommendations:

Cap annual LL97 penalties for 2035–2050 at 2034 levels, relieving pressure to electrify immediately and allowing buildings to focus on energy efficiency and pre-electrification measures.

Extend exemptions for efficient cogeneration plants through 2050, and require demonstrated grid readiness before mandating shutdowns of functioning low-carbon on-site generation.

Exempt garden-style co-ops and condos with multiple heating plants and complex distribution systems from LL97.

Expand the incentives available to qualifying seniors, disabled homeowners and working families in co-ops and condos. Institute income-based incentives and abatements for co-op and condo homeowners at or below 80% and 150% AMI using existing frameworks such as SCHE, DHE, and Enhanced STAR.

Prioritize incentives for buildings using No. 2 and No. 4 oil to achieve immediate emissions reductions while supporting financially constrained co-ops and condos.

Cap LL97 late filing fees at the same level as fees for failing to file LL84 reports. The current $0.50 per s/f fee — a minimum of $12,500 per month for a 17-unit building — is disproportionate to the violation.

CNYC has long supported the goals of Local Law 97, producing more than 30 classes as part of its “Sustainability with Affordability LL97 Webinar Series” and collaborating with entities including NYSERDA, the Urban Green Council, Building-Energy Exchange, and the Clean Fight. These recommendations reflect CNYC’s commitment to achieving the city’s decarbonization goals while protecting the affordability and long-term stability of co-op and condo homeownership.

New York City’s more than 15,000 co-ops and condos are home to nearly two million New Yorkers across the five boroughs. Often serving as anchors of their communities that support local businesses, schools, and community organizations, co-ops and condos collectively contribute more than $7 billion in property taxes to the city’s budget, representing 18% of NYC’s total property tax revenue. Just as important, co-ops and condos represent one of the last affordable paths to homeownership for middle-class New Yorkers, making up approximately 99% of all homes for sale in the city under $400,000, according to a recent report from the Comptroller’s Office.