On October 25, 2023, the Federal Reserve Bank of New York will release a paper, “Window of Opportunity: New York’s Small Multifamily Buildings, Expiring Equipment, and Clean Energy Goals,” on the challenges of electrifying small- to-midsize properties in New York State.
The paper follows the adoption of laws in New York City and New York State that set ambitious clean energy goals. Buildings account for 30% of greenhouse gas emissions in the state and 70% in New York City, so meeting those goals will require electrifying properties large and small.
The paper estimates how many housing units in the state are in small multifamily buildings and analyzes their characteristics and tenant demographics. The authors identify the key roadblocks and potential solutions for electrifying these properties, drawing on insights from interviews and roundtables with experts including property developers as well as advocates for affordable housing and clean energy.
The paper was developed as part of the New York Fed's Community Development efforts, which have three areas of focus: health, household financial well-being, and climate risk.
