Petition: NYC Financial Relief for Co-op Buildings Facing Combined Costs from Local Laws
Residents in our Riverdale co-op buildings are facing something most people outside of co-op housing don't realize is possible: we're being hit with massive, simultaneous compliance costs that we can't pass on to anyone else.
Local Law 97 requires energy retrofits. Local Law 11 requires façade inspections and repairs. Both have strict deadlines and real penalties. For many of us—retirees, working families, long-time New Yorkers—this means assessments totaling tens of thousands of dollars per apartment. We support the goals of these laws. Building safety and environmental responsibility matter. But the city didn't account for how co-ops actually work: we can't raise capital the way condos do. We can only assess our shareholders.
Some neighbors are selling because they can't afford it. Property values are dropping. And it's hitting the exact people co-ops were supposed to protect—middle-class and senior residents who've lived here for decades.
We're asking our City Council to consider targeted relief: grants, property tax credits, hardship programs, or low-interest financing specifically for co-ops facing these overlapping mandates. This isn't about avoiding responsibility—it's about making compliance possible without displacing people.
If you live in a co-op or know someone who does, does any of this sound familiar? Have you seen assessments like this? We started a petition asking for relief, and I'd genuinely like to hear if others are dealing with the same thing. If this matters to you too, consider signing and sharing it.