Posted on: June 11, 2025 04:46 PM

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Some reliefs while others not so involving the new act in NY

Starting today, The FARE Act is now in effect. Tenants will no longer be forced to pay a fee to a broker they did not hire. Whoever hires the broker needs to pay the commission including landlords.

This will benefit mostly the no fee apartments but the landlords can refuse tenants without reasons.

In other words, a landlord signing a rental unit with a broker will need to cough up the commission agreed and not the tenants.

In reality to those searching for a place, well, the rent went up by 25 to 40%. Now 2 bedrooms is reaching close to $5,000 per month in Brooklyn and Manhattan on the average listings.

The NYC Mayor did not sign this bill but the City Council did override on majority votes which the Governor supports.

Today, many real estate agents confirmed the city is now adding vouchers for tenants.

Here is one - A single mother with 2 kids working as a nurse earning $89,000 has the voucher at $2,600 from $2,300 covered by taxpayers. Another individual earning $103,000 as a teacher with 3 kids has the voucher $3,450 from $3,150.

The Dept of Finance will not disclose the budget set aside for this allocation to tenants. Also, the Rent Guidelines Board is considering rent hikes on 2 million rent-stabilized New Yorkers.

So much for freeze the rent campaign by a Mayoral candidate.

So who are the losers? Taxpayers as usual.

Enjoy.