NYC’s New Climate Change Law Goes Against Trump Real Estate Practices
New York City is committed to fighting climate change through every avenue possible. One of the ways they are exploring this policy is to reduce emissions from every building within the locality.
According to Gizmodo, every building is designated as a carbon emitter--including buildings belonging to the US president's Trump Organization.
Reports showed that Trump Organization-owned buildings--which included Trump Tower, located on Fifth Avenue and the Trump International Hotel & Tower--didn't meet the regulations put in place by the building emissions bill, among other such buildings. The bill was passed by the city council last month.
The law was also part of a larger climate change package being prepared in the city as part of the "Green New Deal." Under this scheme, owners of buildings which are larger than 25.000 sq ft will have to make changes to help the city improve its building carbon emissions.
The deal targets reducing carbon emissions to 40% by 2030 and 80% by 2050.
It could be problematic for the Trump Organization and the number of units they sold. According to Forbes, the company managed to sell an estimated $35 million worth of real estate, even while serving in the White House. This was revealed in an analysis of the local property records and federal filings report by analysts.
To be clear, the president entrusted the day-to-day management of the company to his son Eric and Don Jr. However, he still remained the owner of the company. It was also made known that more than half of the $35 million was from a single deal. This was or a federally subsidized housing complex located in Brooklyn which was offloaded for $900 million.
The company remained busy selling properties in Las Vegas, Los Angeles, and in South Carolina. The one place he did not sell anything was in Manhattan, the one location where the Climate Change Law is about to take effect. The Park Avenue penthouses and a new unit on Central Park may be among the affected Trump Organization properties.
Owing to the sheer number of carbon emission currently polluting the environment, it may be just a bit too late for the landmark law's enactment. However, for the companies affected by the regulations, it may be a troubling law which could turn out to be the downfall for businesses already heavily affected by ongoing disputes weighing heavily on the economy.