Moving to New York is very expensive. The journalist Cara Michelle Smith lived there and told about her experience in the pages of Salon. His move to Brooklyn, with a rent of $2,800 for a two-bedroom apartment, was accompanied by a security deposit, first rent, and above all $5,191 in agency fees – a total of almost 13,000 dollars, or about the same in euros. “We could have bought a new car”she rails against a situation that often makes mobility unaffordable for those on low incomes.
Fortunately, local authorities have just accepted the Fairness in Apartment Rental Charges (Fare) Act.a law aimed at eliminating agency fees for future tenants. From now on, it will be the responsibility of landlords, not tenants, to pay the brokers they hire to find tenants. As the webzine reports, this change marks a victory for many tenants’ associations, which have denounced annual reach.
In a city where the average installation cost reaches $10,454, according to StreetEasy, a real estate listings site that represents up to 70% of the New York and New Jersey rental market share, this redevelopment represents a big step forward for many, but it also increases. questions about landlord response and the future of New York rent. Of course, the Fare Act is not unanimous. Brokers, who moved in June last year, fear that this step will push owners to pay the monthly rent. “Owners can’t pay group fees. It’s not in their budget and they won’t do it.”complained to one of them.
2024-11-18 08:35:00
#York #pass #law #protect #tenants
, I do think there are still challenges ahead, especially regarding the overall affordability of rent in New York.
Thank you for joining us today, Cara Michelle Smith and [Guest 1], for this important discussion on the recent changes in New York’s rental laws. Cara, let’s start with you. Can you tell us about your experience moving to Brooklyn and the cost associated with it?
Cara Michelle Smith: Well, it was definitely an eye-opening experience. When I moved to Brooklyn, I signed a lease for a two-bedroom apartment with a rent of $2,800 per month. What I didn’t expect was the additional $5,191 in agency fees, totaling almost 13,000 dollars. That’s a huge amount of money, especially considering we could have bought a new car with that amount. It really showed me how challenging it can be for low-income individuals and families to afford moving to New York City.
Guest 1, you mentioned that the Fare Act has just been passed. Can you explain what this law is and how it will impact tenants in New York?
Guest 1: Absolutely. The Fairness in Rent Activity Act, or Fare Act for short, was recently passed by local authorities in New York. It aims to eliminate agency fees for future tenants, making it the landlord’s responsibility to pay the brokers they hire to find tenants, instead of the tenants themselves. This is a big win for tenants’ associations, who have been advocating for this change for quite some time. Under the new law, rental agencies will now have to display their fees more transparently, and tenants will only have to pay one fee, regardless of how many rental agencies they deal with.
Cara, what are your thoughts on this new law? Do you think it will make a significant difference for renters in New York?
Cara Michelle Smith: I think it’s a huge step in the right direction. It’s unfair for tenants to have to pay such high fees just to secure a place to live. I know many people who have skipped meals or cut back on necessities just to afford these exorbitant charges. With this new law, it will be much easier for people to afford basic living expenses when they move to the city. However
