How Does Local Law 84 Benchmarking Impact Property Values?
In an era of increasing environmental awareness and regulatory oversight, energy efficiency has become a critical factor in real estate. One such regulation that significantly influences New York City’s property market is Local Law 84 Benchmarking . Introduced under the Greener, Greater Buildings Plan (GGBP), Local Law 84 requires owners of large buildings to annually measure and report energy and water consumption. While the law is aimed at improving energy efficiency, it has broader implications — particularly for property values . Local Law 84 Benchmarking has a direct and indirect influence on property values through several key mechanisms. Understanding these impacts is essential for property owners aiming to make informed decisions and maintain competitiveness in the evolving real estate market. Understanding Local Law 84 Benchmarking Local Law 84 (LL84) requires owners of large buildings in New York City—those over 25,000 square feet or part of a group totaling over 100,0...