'You're Going To Get Fined,' NYC Sustainability Chief Warns CRE Owners Who Don't Take Climate Action

Mayor Eric Adams' administration is committed to issuing some of the first penalties in the nation to commercial property owners who don't reduce their carbon emissions as part of New York City's Local Law 97, despite moves that have dulled the teeth of the landmark climate policy.

At Bisnow’s National Sustainability Conference Wednesday, Department of Buildings Chief Sustainability Officer Gina Bocra warned dillydalliers to begin work on their decarbonization plans now, before fines kick in next year. 

“If you can only show us that you haven't done anything, you're going to get fined,” Bocra said. “If you don't have a real hurdle, you've procrastinated and haven't done anything, you’ll be fined.”

Property owners were relieved after the city said in September that as long as they can show they are making “good faith efforts” to reduce carbon emissions, they can dodge fines. It seemed that even if owners missed their 2024 targets, a long-term plan…

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After A Decade Of Dominance, Sovereign Wealth Funds Are Forced To Evolve

Flush with cash and carrying little baggage from existing portfolios, sovereign wealth funds have dominated in the years following the Lehman Brothers crash, striking the biggest deals and reaping stellar returns from real estate. 

But the higher-for-longer interest rate environment has ushered in a period of soul-searching for these big beasts and their feelings about real estate. As a whole, sovereign wealth funds are allocating less to the sector. And many are shaking up their real estate divisions to ensure that big 2023 losses are not repeated. 

Even those sticking with the sector are mixing up their strategies, moving into new sectors or becoming lenders as well as investors to cut risk. 

“There are pressures on allocations, and on the whole, they’re coming down with more frequency than they’re going up,” Oxford Properties Chief Investment Officer Chad Remis told Bisnow.Sovereign wealth funds, those owned by governments or regional superannuation funds like those of Canada or Australia, are…

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