RCLCO

What about the city makes this possible, while green-conscious cities like San Francisco are trailing behind?

This may sound counter-intuitive, building green makes even more sense to owners of income-producing property than it does to individual homeowners. Why? Simply put, most homeowners do not recognize the value of energy-saving innovations until after they purchase and move into into their next home.

Data from Building Green partner RCLCO (Robert Charles Lesser & Co.) suggests that Americans want to recoup the investment in a "green home" in about four years, but that doesn't necessarily line up with how energy saving building practices pencil out. Most American homeowners move every 3-7 years, and the savings from lowered utility bills might not repay the investment in energy-saving features of a green home for 6-8 years.

New York is different from the rest of the country, however, because unlike the nation as a whole--where around 68% of households own their home--New York City is a renters' city, where almost the same percentage--67%--rent their homes. Among New Yorkers with incomes above $125k and a bachelor's degree or higher, 45% of the households are renters, and within this group, 37% of households have incomes over $125k and 14% have incomes above $250k, among whom are counted Wall Street employees earning record-level bonuses in recent years. New Yorkers on average have high incomes and are well-educated, the two most critical factors among housing demand correlated with the desire for a green home. So it's no wonder the demand for green rental units is high, and combined with the financial incentives, landlords in the city are seeing green.