• Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

Department cracks down on older ovens

The department’s newly drafted rules would require eateries with coal- and wood-fired ovens purchased before 2016 to purchase and install emission-control devices. According to multiple reports, the move could slash emissions by up to 75%.

These new rules comply with former mayor Bill de Blasio’s 2015 Local Law 38, which sought to regulate the use of fossil fuels and carbon emissions in NYC.

For Musk’s part, he’s unconvinced it’ll make a difference: “This is utter bs. It won’t make a difference to climate change,” he said in a tweet.

It’s primarily the cost of these devices has critics heated — especially considering they place the financial burden on restaurateurs, many of whom are still recovering from the effects of the COVID-19 pandemic.

“Oh yeah, it’s a big expense!” Paul Giannone, the owner of Paulie Gee’s in Greenpoint, told the New York Post after having installed at $20,000 air filtration system in anticipation of the new rules. “It’s not just the expense of having it installed, it’s the maintenance. I got to pay somebody to do it, to go up there every couple of weeks and hose it down and you know do the maintenance.”

While the emissions rules will only apply to ovens installed before 2016, many of them are among NYC’s most popular pizzerias and family-owned businesses. A change to their ovens may be more than just an extra expense — some worry it could even alter the taste of some of the city’s most iconic slices.

The richest 1% use an advisor. Do you?

Wealthy people know that having money is not the same as being good with money. WiserAdvisor can help you shape your financial future and connect with expert guidance . A trusted advisor helps you make smart choices about investments, retirement savings, and tax planning.

Try Now

The debate heats up

New York City Mayor Eric Adams jumped into the fray to defend the policies. "I think nothing is more clearer to all of us as what this environment is going through after two weeks ago with the fire in Canada," the mayor said at a recent press conference. "That smoke is the type of smoke that we're talking about.”

Adams was referring to the Canadian wildfires that have left a blanket of smoke over much of the country’s eastern coast over the past weeks. The pollution was so bad on June 8 that the city hit a record-high on the Air Quality index of 460 — the highest number since 1999, according to data compiled by the Environmental Protection Agency.

City regulators argue that burning wood (whether in a Canadian forest or a pizza oven) releases an exceptional amount of PM2.5 particles that can penetrate the lungs and enter the bloodstream. This can magnify the risk of lung and heart disease.

The city also stressed that based on its estimate, the new rules would impact fewer than 100 pizza outlets across the city.

For now, Adams added nothing is set in stone and the pros and cons of both sides will be considered before authorities move ahead in either direction.

"Right now we are at the public moment where the public can weigh in,” Adams said. “Let the public weigh in, let the public give their thoughts and then we'll make the final determination. We don't want to hurt businesses in the city, and we don't want to hurt the environment."

More: NYC is sinking and lower Manhattan could end up underwater — literally

Sponsored

This 2 minute move could knock $500/year off your car insurance in 2024

OfficialCarInsurance.com lets you compare quotes from trusted brands, such as Progressive, Allstate and GEICO to make sure you're getting the best deal.

You can switch to a more affordable auto insurance option in 2 minutes by providing some information about yourself and your vehicle and choosing from their tailor-made results. Find offers as low as $29 a month.

Vishesh Raisinghani Freelance Writer

Vishesh Raisinghani is a freelance contributor at MoneyWise. He has been writing about financial markets and economics since 2014 - having covered family offices, private equity, real estate, cryptocurrencies, and tech stocks over that period. His work has appeared in Seeking Alpha, Motley Fool Canada, Motley Fool UK, Mergers & Acquisitions, National Post, Financial Post, and Yahoo Canada.

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.