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The Climate Bill

 

How will the climate bill that was passed affect coops and condos?

Older co-ops and condos over 25,000sf will most likely have to have significant improvements. The cost for these is usually through assessments. When selling a condo or co-op, assessments are a huge hurdle to overcome. It is usually solved by having the seller pay the assessment in full at the closing (so as the buyer doesn't have to deal with it). Real estate values are not going to increase because of this so the seller will ultimately receive less money in a sale. Another possibility is some property owners will not be able to afford the assessments and will have to sell.
 
In summary, good for the city and planet long-term. Bad for individual unit owners short term.



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