QUESTION
What proportion of cooperative and condominium buildings in New York City have unit assessed values of $45,000 or less?
0:52:54
·
4 min
The council member asks about the percentage of co-op and condo buildings in New York City that have unit assessed values of $45,000 or less, making them potentially eligible for the J51 program. The deputy commissioner initially estimates it could be around 20% of such buildings.
- The council member expresses surprise at this statistic, finding it shockingly high.
- There is some back-and-forth to verify and potentially clarify the exact figure.
- The discussion then shifts to highlighting the significant usage of the J51 program by co-op and condo owners already.
- The program allows for major systems upgrades like windows, heating/cooling, insulation to aid decarbonization efforts.
- The council member inquires about improving outreach to educate more building owners on utilizing J51.
- Suggestions include community events, fairs and workshops to spread awareness.
Lincoln Restler
0:52:54
I'm not sorry.
0:52:54
I'm not asking utilization.
0:52:55
I'm asking the it's it's a pretty narrow universe of buildings where assessed value of the unit is $45,000.
Kim Darga
0:53:02
So I actually think that is representative about a 5th of the coop and condo buildings.
0:53:09
In terms of assessed value.
Lincoln Restler
0:53:11
In New York City.
Kim Darga
0:53:12
In New York City.
Lincoln Restler
0:53:12
20 percent of Copen condo buildings have assessed values.
Kim Darga
0:53:14
It might be
Lincoln Restler
0:53:15
$45,000, 300 or less.
0:53:16
That is the most shocking statistic I've heard in a very long time.
Pierina Ana Sanchez
0:53:19
Okay.
0:53:19
Let me
Lincoln Restler
0:53:20
I am not entirely shocked.
Kim Darga
0:53:21
Let me verify that.
0:53:22
Okay.
0:53:22
I do think we have that information or maybe we can go back to the You
Lincoln Restler
0:53:25
can come back to me on it.
0:53:26
Okay.
0:53:26
But I still can't quite believe that.
0:53:28
Is anyone with me?
0:53:28
That's crazy.
0:53:29
That I mean, have you been to the 33rd Castle District?
0:53:31
Because, oh my gosh.
0:53:33
I wish.
0:53:34
But you keep if you could, I didn't mean to interrupt you on a different No.
Kim Darga
0:53:37
It's okay.
0:53:38
So we actually, as Lucy mentioned, we actually have had pretty significant use by condo and co op owners.
0:53:47
This is an I really think an amazing program were doing the major systems work that makes a huge difference when it comes to decarbonization of residential property in New York City.
0:54:02
And particularly for buildings that have lower rents, or do have lower assessed value for the residents of these buildings, it'll make a big difference.
0:54:13
So we do think that The main things that this can help with are going to be code compliant windows, heating and hot water systems, high performance heating equipment, including heat pumps, which also can help with cooling, high performance hot water equipment, electrical upgrades, Building insulation and air sealing.
0:54:36
So a lot of the big system type work that is necessary to comply with local law 97.
0:54:44
And
Lincoln Restler
0:54:45
we've Boiler up I mean, Boiler Repairs.
Kim Darga
0:54:47
Sorry.
0:54:47
Now Right.
0:54:49
Yes.
Lincoln Restler
0:54:49
That would all
Kim Darga
0:54:50
be Eating systems, all of it.
0:54:51
Yes.
0:54:52
So and we've actually worked really closely with MOCJ and I mean, I remember back in 2015, we were working with the predecessor to MOCJ, MOS, the mayor's office of the nobility then.
0:55:06
To think about J51 because we knew that the existing residential building stock in New York City was one of the biggest emitters.
0:55:13
Right?
0:55:14
And that This was a program that touched a lot of residential property in New York City and could have a big impact.
0:55:21
So we've worked really closely with that team to think about what is what are the eligible items, right, in order to help owners decarbonize their buildings.
0:55:31
And I think one of the benefits of the structure that we've outlined here where the CRC and the costs are the methodology is outlined in rules.
0:55:41
Is that if MOCJ, if we realize there's something that we've missed in terms of a major item that would make a meaningful difference brands, we have the opportunity to potentially add it, right, by going through the process outlined in the rules.
0:55:59
So we do think this is impactful.
0:56:02
We've already started to think about, like, you know, how you do outreach to building owners, not just the traditional way about J51 and doing major kind of housing quality type improvements.
0:56:14
But how maybe we work with the accelerator to make sure that when there's engagement around local 97 or decarbonization work, that that's another path.
0:56:24
That owners can find out about J51.
Lincoln Restler
0:56:27
That was, yeah, that was very much my next question is, how do we do a better job of informing building owners and corporate some condos because it sounds like there are a lot of buildings with $45,000 unit assessed values.
0:56:40
Much to my surprise.
0:56:41
But how do we do a better job of educating and engaging homeowners about these resources and these opportunities?
0:56:48
And Yeah.
0:56:50
You know, we've been hosting building sustainability kind of fairs in our district where we bring together contractors and all the different resources that could be available.
