Wow, prepare for the large NYC exodus.
Right from this article:
All premises larger than 25,000ft – a total of 50,000 buildings – will be required to cut overall emissions 40% or face annual fines.
Yea, 50,000 buildings. And the TDS in the writer and the OP has them looking at only one.
Let's see who some of these gross polluters are. The Empire State Building, 208k m. One World Trade Center, 325k m. The Chrysler Building, 111k m. The NYT Tower, 143k m. Even the UN building falls over that limit at over 16k square meters, or over 172,000 square feet.
Yea, I can see already high rents skyrocketing even more now. Especially in those large buildings that have residential space. Rents going up, pricing even more out of an already sky high rental area. And many businesses vacating and moving to more affordable areas.
Some people are so mental in their hatred of President Trump that they are willing to destroy real estate prices in one of the most expensive areas in the country just because they hate him. If this goes through, I can see much of downtown New York resembling Detroit within 20 years.
Hell, even Radio City Music Hall is 20 times the limit of this new proposal! I think they (or any city) is absolutely insane if they want to charge such insane penalties onto buildings that are already constructed. People are so mental over one that the President owns, they are going to sacrifice another 49,999 just so they can make his company pay more money.
Heck, say goodbye to much of Broadway, especially many of the off-Broadway theaters that have been struggling. They all come in well over that limit. Welcome back to the 1970's era of Times Square, where nobody sane went there because it was so run down.
If I was a CEO and had a presence there, I would be looking to have a fire sale now and get the hell out. Take the moving costs as a write-off, and move to a state like Alabama, Idaho, or Salt Lake City. They could save more than enough within a decade to off-set all expenses already. This will likely cause many to do exactly that, as it would make it pay off within probably 5 years.