Lead Paint Legislation To Hurts Rochester NY Real Estate Values
Lead Paint legislation for the city of Rochester, New York is making low income housing costs go up that could provide pressure on low income housing in the city.
Realtors say the new legislation may drive landlords out of the market and stop others from getting into the market. Members of the Greater Rochester Association of Realtors say the testing of each home could prove costly for landlords. An initial investment of $300- $400 to test homes for lead paint hazards. Plus the cost to remove hazards is estimated at anywhere from $3,300 to $6,600 per home.
“That’s going to reduce the value of that real estate establishment. So if you’re the owner of that piece of real estate, you’ve just lost 80 percent of your investment,” said Realtor John Rynne and member of the Greater Rochester Association of Realtors.
Some realtors were hoping for more time to adopt a law that was more favorable for landlords. Now there’s concern the cost of doing business may make it more difficult for tenants to find affordable housing.
“That’s going to decrease the supply of affordable good quality of units in the city of Rochester which are going to be left with more slumlords,” said Rynne.
Landlords will have to comply with the legislation by July 1, 2006.
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Pingback by rochesterturning.com: turning the tide upstate on 12 December 2007:
[...] more than that, I’d say. A simple search found him to be hanging out with GOP Assemblymen , speaking out against lead paint legislation, and a leader in the National Federation of Independent Business (a “major Republican Party [...]