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Crain's New York Business

Tying The Knot

REPORT REAL ESTATE: Ambitious 'green' law will overhaul how city builds

July 31, 2006, Monday
By Erik Engquist
Standards to affect $12B in projects; officials scramble as rules deadline looms

With deadlines approaching quickly, New York is hustling to implement a complicated new law that promises to revolutionize municipal construction and could also change the way the private sector operates.

Beginning in January, the "green buildings" law will require most city-funded projects to meet an eco-friendly standard that few developers attempt to reach.

More loopholes
Now that the rules are being drafted, you could say City Hall is just getting started. "You work long and hard to pass a law, but it's like getting married," says Nancy Anderson, executive director of the Manhattan-based Sallan Foundation, a booster of the legislation. "It's the first step in a lot of work."