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Market
Will NYC rent prices increase within a year of the FARE Act's implementation?
3
Resolution / Starting Odds
Yes • 50%
No • 50%
Rental market reports from reliable real estate analytics firms
Story
New York City Council Passes FARE Act, Shifting Broker Fees to Landlords in 42-8 Vote
Nov 13, 2024, 06:19 PM
The New York City Council has passed the FARE Act on Wednesday, a significant piece of legislation that shifts the responsibility of paying broker fees from tenants to landlords. The bill was approved with a veto-proof majority of 42-8, ensuring its enactment despite any potential opposition from the mayor. This move is expected to alleviate the financial burden on renters, who often face substantial upfront costs when securing an apartment. The FARE Act, sponsored by Council Member Chi Ossé, aims to make housing more affordable and equitable for New Yorkers. Real estate interest groups, such as REBNY, have opposed the bill, arguing that it could lead to higher rents. The legislation will take effect 180 days after being signed by the mayor.
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Similar markets
Yes • 50%
No • 50%
Rent prices increase significantly • 25%
Rent prices remain stable • 25%
Rent prices decrease • 25%
Other significant market changes • 25%
Yes • 50%
No • 50%
Increase in rental listings • 25%
Decrease in rental listings • 25%
No significant change • 25%
Shift to fee-inclusive pricing • 25%
Increase by more than 5% • 33%
Remain within ±5% • 33%
Decrease by more than 5% • 33%
City Council passes a resolution against the hikes • 25%
Mayor issues an executive order to limit hikes • 25%
No official action taken • 25%
Other actions taken • 25%
Significant decrease in housing costs • 25%
Moderate decrease in housing costs • 25%
No significant change • 25%
Increase in housing costs • 25%