What The Green New Deal Means For Commercial Real Estate
The Green New Deal would lead to significant overhauls in how U.S. real estate is developed and how Americans go about their daily commute. The bill, which is not expected to pass an upcoming vote in the U.S. Senate, also calls for “upgrading all existing buildings in the United States.”
The Green New Deal, introduced by U.S. Rep. Alexandria Ocasio-Cortez (D-NY) and U.S. Sen. Ed Markey (D-MA), promises to tackle both global warming and income inequality. The bill warns global warming will cause the U.S. to lose $500B in economic output by 2100, expose an additional 350 million people globally to deadly heat stress by 2050 and damage up to $1 trillion of U.S. infrastructure and coastal real estate.
The nonbinding bill aims to produce “good, high-wage jobs” in new green industries built to achieve net-zero greenhouse emissions from the U.S., but it wouldn’t come cheap — especially in real estate and infrastructure.
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