With Local Law 147 put in effect last August, the city has begun to see smoke-free residential buildings on the rise. Mirador’s director of sales Jordan March and agent Christine McAndrews recently shared their insight on this movement, and most importantly how it impacts the industry.
Local Law 147 requires rental buildings, co-ops, and condos to create a clear smoking policy and disclose it with current and future tenants. It is worth noting that this is not a citywide ban on smoking in residences, but more so a notice of where one can and cannot smoke.
A smoke-free policy does not usually top the list of concerns while apartment hunting, but it becomes an issue when someone has had a negative experience with secondhand smoke seeping into their home. “What happens is somebody gets burned once, and then they become savvy,” Christine explains.
This is more of an issue for buyers than renters, who can just pick up and leave. “I find that it’s easier to make a consideration for a year,” Jordan says. “Anything will be weighted more when it comes to purchasing.”
Does a strict policy affect the value of an apartment? “It’s hard to quantify a particular drop in price for homes that allow smoking, but it may affect how quickly a unit sells,” March shares. “It’s a little trickier with condos and co-ops, because people own their home or are shareholders,” Christine adds..
Another noteworthy detail is that policies do not refer to tobacco only. “Many people think pot doesn’t count,” McAndrews says. “But no smoking means no smoking anything.” This includes e-cigarettes and similar products.
To find out more details on the movement, read the full article on Streeteasy here.