The recent implementation of the Fairness in Apartment Rental Expenses (FARE) Act has resulted in a rapid decline in rental listings on StreetEasy, dropping by over 1,000 within hours. Critics claim the law, which requires landlords to pay broker fees, will result in fewer public listings. A federal judge dismissed a challenge against the law by the Real Estate Board of New York. While such fluctuations in listings are typical according to StreetEasy, the company anticipates a temporary impact as the real estate market adjusts to the new regulations.
"The Fairness in Apartment Rental Expenses, or FARE, Act went into effect on Wednesday, after a federal court judge rejected the real estate industry's bid to delay the law."
"Opponents of the measure have argued that it would lead to fewer public rental listings."
"The law requires landlords to cover the cost of commissions for rental brokers they hire."
"A spokesperson for StreetEasy, which supported the FARE Act, said wide fluctuations in listings are typical, even within a day."
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