STATEN ISLAND, N.Y. (March 28, 2019) – Staten Island Board of Realtors® (SIBOR) directors Angelo Pappalardo and Frank Rizzo recently met with two New York City Council members who have introduced pending bills that would affect fees collected in a rental transaction.
The multiple pieces of legislation proposed by Council members Keith Powers and Carolina Rivera would alter the market in terms of rental fees collected, and modify security-deposit payment protection for property owners.
According to SIBOR, 31 percent of New Yorkers feel that residing in the city is too expensive; and while the Council members’ aim is to address some of the affordability issues, the prospective legislation, as written, may have unintended consequences.
“A particularly onerous consequence could disenfranchise some lower-income renters by discouraging landlords from working with them,” Rizzo said.
What all parties agreed upon was greater transparency and education for the public. The landlord and potential tenant should always be aware of whom the agent is representing, fees that may be involved, and that the decision to use an agent and commissions are negotiable.
“As Realtors, we have an additional duty to the Code of Ethics and every Realtor should make sure that all parties are fairly represented,” said Sandy Krueger, SIBOR CEO.
While SIBOR works on many fronts to make housing more affordable, notably through legislation such as the First Time Home Buyer Grants that SIBOR past-president Dawn Carpenter championed through the New York State Assembly, this proposed legislation may negatively impact more than help, the Realtor organization cautioned.
“SIBOR is committed to working with our legislators to ensure that our clients and customers can find answers to their real estate needs and protect property rights,” Krueger said.