Weekly Radar #286 - Sticking The Local Law 97 Landing, The Future Of Home Showings Is Here, What Is Seen Is Not What Is
What's covered in this week's GEM Crystal Weekly Radar:
- We take a fresh look at New York City’s Local Law 97 and what the compliance periods could result in.
- We cover Zillow's Immerse, and look at how it can revolutionize the future of home showings.
- Generative AI can be used for good and not-so-good purposes. One finance worker ended up handing over $25MM+ to fraudsters, who were leveraging deepfake technology.
- Updated stock prices for GEM's Proptech Index as well as GEM Diamond Member News.
Geek Estate Blog Recap:
Hannah Gable
Geek Estate Team
Geek Estate Team
Geek Estate Team
Transmission Recap:
Last week, Drew delved into the Rabbit's 'r1', a compact AI device, as a glimpse into the future of blended hardware and AI...or perhaps just another fad the smart phone makes irrelevant. Before that, Drew discussed leveraging custom GPTs trained with sector-specific information to provide real-time knowledgable software evaluations.
As always, links surrounded by the ❇️ emoji indicate exclusive GEM Diamond content. If you would like to have access to all links, please consider GEM Diamond membership.
CLIMATE
STICKING THE LOCAL LAW 97 LANDING
By: Logan Nagel
The first of New York City’s Local Law 97’s compliance periods began last month, governing building emissions limits from 2024-2029. As period one of five, large properties will need to hit specific emissions targets based on the purpose of the building—data centers, libraries, and 58 other property types all have different targets. Subsequent compliance periods will mandate even stricter requirements.
While Local Law 97 has been on the horizon for years, the dawn of its first compliance period means we’ll finally see the highest-profile U.S. emissions regulations in action. Property owners have the relatively simple decision of compliance or facing penalties, but the real question is how will other jurisdictions respond. Those who are members of the National Building Performance Standards Coalition—a few states such as California and Colorado, plus numerous cities—will likely be among the first to adopt regulations similar to NYC. Local Law 97 has already survived legal challenges, but every policymaker interested in importing similar regulation will be watching how property owners respond, the enforcement effort needed, and to what extent the law’s original timeline is truly attainable. Perhaps another city will emerge as an example of another strategy of emission regulation, perhaps more reliant on the carrot than the stick. But for now, New York is the living laboratory with all eyes upon it.
Image created by: Midjourney
Description: Atomic age illustration of red tape wrapped around green trees