New York City is requiring traction elevators with a single plunger brake to add redundancy by 2027. The Real Deal ran a piece arguing this hits rent-stabilized buildings especially hard — one owner quoted an upgrade cost of around US$11,000 per building. The MCI rent-increase mechanism exists on paper, but qualifying is apparently a real hurdle. Anyone here working in NYC buildings dealing with this deadline? Is US$11,000 a realistic figure, or does it vary widely by installation? And do you think the 2027 timeline gives owners enough runway, or is this going to create a last-minute inspection crunch?
Source: https://therealdeal.com/new-york/2026/09/10/new-elevator-code-is-latest-unfunded-mandate-for-nyc-buildings/
———
This discussion is from Counterweight, the free biweekly elevator & escalator briefing. Read past issues and subscribe: counterweightdispatch.com/newsletter.
