FOR BREAKING NEWS VISIT WWW.QNS.COM MAY 9, 2019 • THE QUEENS COURIER 11
Co-op group warns green deal could cost them big bucks
BY MAX PARROTT
mparrott@qns.com
@QNS
Astoria Councilman Costa
Constantinides maintains that the
Climate Mobilization Act he sponsored
in the City Council aims to make the
city greener — but a group representing
co-op and condo owners citywide fears
it will hit their bank accounts quite hard.
Th e Council of New York Cooperatives
& Condominiums released a report to
QNS last week detailing astronomical
fi nes that some Queens co-ops would
have to pay if they don’t meet the 2025
and 2030 benchmarks set by the six-bill
environmental package.
Constantinides refuted both the premise
and fi ndings of the study.
Co-ops pose a unique challenge to
the set of laws, which imposes environmental
regulations on buildings of more
than 25,000 square feet – those said
to be responsible for 30 percent of the
city’s carbon emissions. Th e bills, which
passed City Council in a 45-2 vote on
April 18, set emissions limits that would
force these buildings to make energy-effi
cient renovations or pay steep fi nes.
Based on the ownership structure
of co-ops, the Council of New
York Cooperatives & Condominiums
believes, the fi nes would be imposed
directly on the pockets of the homeowners.
“In a co-op, people jointly own the
whole corporation. Th ey pay their share
of the carrying charges, so that if there
were $100,000 fi ne, the co-op would
have to increase maintenance fees to all
shareholders,” said Mary Ann Rothman,
president of the Council of New York
Cooperatives & Condominiums.
Th e report estimated that if Queens’
worst-off ending co-ops did not meet the
standards of the law, they would have to
pay around $70,000 to $300,000 per year
in 2025 and from $120,000 to $700,000
per year in 2030, based on their current
carbon footprint. In the highest instances,
this could come out to fi nes around
$1,500 per household by 2030.
One complex that could be hard hit, a
504-unit Mitchell-Linden co-op at 141-
16 25th Rd. in Flushing, is projected to
be hit with more than $336,000 in penalties
by 2025, with fi nes potentially
increasing just under $700,000 by 2030.
Th e co-op council further argues that
the broad exemptions the law grants to
city buildings, rent-regulated buildings
and places of worship, place an unfair
burden on market-rate residential and
commercial properties.
Constantinides’ offi ce refuted these
results, pointing to other parts of his bill
that would exempt fi ve of the 10 co-ops
that the report included.
In an interview with QNS, the councilman
argued that the legislation built
in a “fi nancial hardship exception” that
would prevent many of these buildings
from being fi ned.
He said that the premise of the report
misses the goal of his bill, which is not to
fi ne people but to provide them resources
through low-interest loans to make
energy-saving renovations that will ultimately
them save money on utilities.
“Th e only way that someone gets a bill
is if they do nothing and do not act in
good faith,” said Constantinides. “I’m
not interested in collecting money. I’m
interested in collecting carbon.”
Read more on QNS.com.
Photo: Max Parrott/QNS
City Councilman Costa Constantinides is being criticized by a co-op ownership group for his Climate
Mobilization Act.
Great rates like ours are always in season.
Maximum
Money Market 2.00%
APY1
$100,000 minimum deposit
7-Month
CD or IRA CD 2.45%
APY2
$5,000 minimum deposit
To qualify you must have or open any Flushing Bank Complete Checking account3 which provides you
with access to over 55,000 ATMs, ATM fee rebates, mobile banking and mobile check deposit.
For more information and to find out about our other great offers, visit your local Flushing Bank branch,
call 800.581.2889 (855.540.2274 TTY/TDD) or visit www.FlushingBank.com.
Small enough to know you.
Large enough to help you.®
1 New Maximum Money Market account and new money only. APY effective April 19, 2019. Annual percentage yield assumes principal and interest remain on deposit for a full year at
current rate. Minimum deposit balance to open the Maximum Money Market account is $5,000. Funds cannot be transferred from an existing Flushing Bank account. The APY for the
Maximum Money Market account is 0.10% for daily account balances between $0 and $4,999, 0.15% for daily balances between $5,000 and $24,999, 1.25% for daily balances between
$25,000 and $74,999, 1.25% for daily balances between $75,000 and $99,999 and 2.00% for daily balances of $100,000 or more. Rates may change at any time without notice. You must
maintain the stated tier balance for the statement cycle to receive the respective disclosed yield for that tier. 2 New money only. APY effective April 19, 2019. Annual percentage yield
assumes principal and interest remain on deposit for a full year at current rate. Minimum deposit balance of $5,000 is required. Funds cannot be transferred from an existing Flushing
Bank account. For new IRA and rollover accounts, the minimum deposit balance is $5,000. Premature withdrawals may be subject to bank and IRS penalties. Rates and offer are subject
to change without notice. 3 New money required for new checking accounts only. A Flushing Bank checking account with a $5,000 minimum balance is required to receive
the advertised rate. Certain fees, minimum balance requirements and restrictions may apply. Fees may reduce earnings on these accounts. A checking account is not
required for IRA accounts. Flushing Bank is a registered trademark
/QNS.com
/www.FlushingBank.com
/WWW.QNS.COM
link
/www.FlushingBank.com
link
