NYC’s broker fee ban disrupts rental data
New York City’s broker fee ban is wreaking havoc on rental data. The number of new rental listings uploaded to local listing services has dropped dramatically since the law, known as the FARE Act, took effect in mid-June. The provision prohibits landlords from charging tenants fees for agents they hired and imposes fines up to $2,000 per violation. Between June 11 and July 31, brokers added just 1,400 rental listings to the Residential Listing Service, Brooklyn MLS and similar agent-facing platforms, compared to 5,300 listings submitted during the same period last year, according to data from UrbanDigs. The total marked […]This article originally appeared on The Real Deal. Click here to read the full story.
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