Member Ed Lifshitz of EisnerAmper took the spotlight as this month’s speaker to lay out some of the effects of New York City’s New Rent Guidelines. Aimed to protect the long-time residents of the City’s more than 900,000 rent stabilized apartments, the new guidelines will have ramifications for the entire apartment market throughout all five Boroughs. The law will likely prevent market-level upgrades, affecting overall property values on some of the remaining 2 million plus apartments in the City.

Other news under discussion at this end of Summer meeting included:
• Growing interest in the medical cannabis business from Colorado to a broader mandate in the U.S. New York is taking notice with interest mounting.
• The passage of the NYC Climate Mobilization Act calls for the City to reduce greenhouse gas emissions by 80% between now and 2050. Two paths to achieve the goal: 1) energy efficiencies and 2) elimination of low carbon energy sources.
• In a related note: Governor Cuomo has signed legislation to produce clean energy via thousands of windmills off Long Island.
• Other green issues on the horizon:
o Energy efficient ratings of A, B and C will be posted on new NYC office buildings in the near future. (B ratings from the US Green Building Council are considered good.)
o Timber-built multi-floor buildings are being explored in the great Northwest and in Europe