The COVID-19 pandemic has created myriad operational and financial issues for building owners, including increased costs due to safe reopening requirements, reduced income due to tenant defaults, reduced tenant demand for space, government restrictions on eviction proceedings and increased scrutiny from lenders. Building owners in New York City, though, have the added task of preparing for the coming implementation of the 2019 Climate Mobilization Act (the “CMA” or the “act”).

July 1 marked the one year away for the first deadline under the act—the deadline to submit applications for adjustments to a building’s statutory emissions limitations. As you prepare for this deadline and compliance with the Act, here are five things that building owners should be considering right now.