James Whelan Claims FARE Act Caused Rental Market Decline in NYC Neighborhoods
NYC rental listings dropped after FARE Act, according to REBNY.
Real Estate Board of New York (REBNY) president James Whelan claims that the recently implemented FARE Act has caused chaos and confusion in the city's residential rental market. According to data provided by REBNY, rental listings in June, July, and August of this year were lower compared to the same time last year.
Whelan writes, "The FARE Act has created chaos and confusion in the residential rental market, is diminishing choice for tenants, increasing rents and costing the industry jobs." This statement comes after the ban on broker fees went into effect, causing a decline in rental inventory.
The data from REBNY was based on all listings available on its residential listing service during the specified time periods. This decline in rental listings has caused concern for both landlords and tenants in New York City.
However, not everyone agrees with Whelan's assessment. Tenant advocates argue that the FARE Act has actually helped level the playing field for renters, who have been burdened with high broker fees for years. This controversial topic has sparked debates within the real estate industry and among city officials.
Despite the conflicting opinions, one thing is clear: the rental market in New York City has been affected by the FARE Act. Landlords and tenants will continue to navigate the changes and adapt to the new regulations in the coming months.
https://therealdeal.com/new-york/2025/09/17/nycs-rental-inventory-dropped-post-fare-act/