CITYWIDE — The FARE ACT, which went into effect June 11, shifts real estate broker fees to landlords, heavily impacting lower-end rental agents — but not so much at the high end, The Real Deal reported. Agents working with small landlords, who relied on tenant-paid fees, face reduced income and anxiety, while luxury agents remain largely unaffected due to pre-existing client relationships.
Listings dropped on StreetEasy, and some agents fear rent hikes, though critics argue the market will adjust over time.
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