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Elevator Safety Upgrade Deadline | Real Estate News
Starting January 1, building owners face a costly safety mandate: traction elevators with single brakes must be upgraded to include redundant braking systems. At $11,000 per elevator, the expense is crushing for financially strained buildings—especially rent-stabilized ones. While safety is non-negotiable, funding is a nightmare: the lengthy MCI process, strict eligibility rules, and rising tenant-reported violations make approvals nearly impossible. Some owners are even considering self-paying or hoping lenders or future buyers will foot the bill. With inspections due by January 1…
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