Top Tweets for #FAREACT
📈 NYC rents surged 15% after the FARE Act banned broker fees—landlords are shifting costs, and listings are vanishing. 🏙️💸
Read the full article by @gabriellefahmy on @nypost, featuring commentary from UrbanDigs' own, John Walkup!
https://t.co/O701EavFIr
#FAREAct
RANT: #Money #HousingVouchers #NYC
My broker is currently owed over $50,000 which half is mine. NYC HRA and DHS doesn’t pay.
#FAREact You can’t hire a broker if you don’t have the money, misrepresentation is fraud and contract tort. I wrote up new language for a rider contract that My Brokers legal team is reviewing . I will start to give this to my voucher holders.
The language states something along the lines of: if the voucher holder does not complete or comply with processes , to procure funds fees from NYC HRA any government agencies….. that any prior negotiated fee, will be null and void a 20% brokers fee will apply and become due.
Yep 20% BROKERS FEE
I work 6-8 months to house folks and they have the gall to not take paperwork to HRA, to get FREE money.
Yall I would take any amount given $800. $2,200 what ever just to help folks
I’m not helping anymore. Go to AnthosHome,CAMBA or another non profit
PAY ME
As bad as I want to help I’m separating my heart from my wallet .
yet once I start rejecting folks due to inability to pay
I’m going to be the one in the IMAGINARY wrong.
Never mind several laws such as #FAREact, Federal housing policy and HUD procedures places the responsibility of fees ( broker, security) on the voucher holder.
#NYCPayParisDickey
Now when tenants try to get a lower renewal rate, I remind them I can get 10-20% more for their apt than I could have last week (on top of the 8-10% of natural market movement, due to supply and demand).
Thanks Socialist politicians!
#fareact
#nycre
#PropertyManagement
Update: Well what the #FAREact has created is a deluge of emails and phone calls to me and other agents that house #VoucherHolders from shelters, homebase and organizations.
The overwhelming majority are telling me they use StreetEasy, Zillow and other platforms to search to house their clients. That there are not many units available, can I help.
This may sound great but it’s not, that means we will be overwhelmed and not everyone will be housed. There are well over 25,000. Licensed Real Estate SalesPersons in NYC.
Not all are practicing,
some only do sales and not rentals,
Many that I’ve met that do rentals are familiar with vouchers. However I usually take over the entire transaction.
Many that want to help , do not fully understand the differences and what paperwork is required or subtle nuances and restrictions.
I only know of about 40 agents that have or are assisting voucher holders. 10 I’ve personally trained over the last 4 years.
I no longer train as it became too time consuming and agent wanted me to assist not give pointers but to fully assist ( take over ) without any compensation.
So this is only day 2 of the #FareAct.
@OsseChi @andrewcuomo @ZohranKMamdani @NYCCouncil @VickieforNYC @DelgadoforNY @CnDelarosa @AdrienneEAdams @CMSandyNurse
@fairhousingnyc @weunlocknyc @BrianKavanaghNY @EricDinowitzNYC @bradhoylman
@AndreaSCousins @SenGillibrand @RepRitchie @AOC @HUDgov @HUDNY_NJ @SecretaryTurner @LynnePatton @REBNY
#FareAct - ain’t looking so fare . I saw over 180 one bed room apts listed on Monday for less than $2500 today there are only 60 apts for Manhattan NYC.
Those are units I approach for voucher holders. Now none.
I say none , including the companies that are showing units like Bohemia , Pear, Prime city, Burma and an agent from my own Brokerage are notorious for claiming to help voucher holders but do not.
A few have been sued like Bohemia Reality whom also refused to process my paperwork for a voucher holders.
https://t.co/shcW3lt8am
https://t.co/fd9InNe5vL
So the Fare Act helps out the elite socialist, wealthy but just created a huge barrier to housing vouchers holders and the real poor @OsseChi @andrewcuomo @ZohranKMamdani @NYCCouncil @VickieforNYC @DelgadoforNY @CnDelarosa @AdrienneEAdams @CMSandyNurse
@fairhousingnyc @weunlocknyc @BrianKavanaghNY @EricDinowitzNYC @bradhoylman
🚨 Major Shakeup for NYC Real Estate: Broker-Fee Ban Takes Effect June 11 🏙️
Read about what it means for all involved here https://t.co/aTupX9eXB0
#brokerfeeban #NYCrealestate #multifamily #landlord #tenant #FAREAct #apartments
I actually like the new NYC rental law now (FARE Act) even though I thought I wouldn’t…
Higher rents, simpler, easier to explain to relocation clients etc.
Anyone have any strong opinions for it or against it?
#FareAct #FareActNYC #NYC #NYCrentals
NYMag breaks down what some landlords are saying as the #FAREAct is going into effect on Wednesday. Some truth, some lies, and some confusion, so I’ll break it down below🧵
The day has come — almost: Following a series of legislative and legal battles, protests outside City Hall, hurt feelings over the nature and basic value of one’s work, and months of waiting, the law banning the broker fee as we know it is set to go into effect. Come Wednesday, barring any last-minute developments, the Fairness in Apartment Rentals Act (the FARE Act) will require landlords to pay the brokers they hire themselves. So what are landlords saying about paying that 12 to 15 percent of the annual rent that they used to pass off to tenants? Well, they don’t want to pay it, either. It is, after all, quite a lot of money. What’s a landlord to do?
Rant:
So NYC is going to lean on the #FAREact - who hires the broker pays the broker.
@NYCHRA workers are currently stating they are not going to pay fees as they didn’t hire me the agent. - yall the law is not live yet.
So now that this door is opened by HRA
I will Shut the door for those that can’t pay out of pocket as per @HUDgov guidelines on payments
NYC city and various agencies currently owes MY BROKER well over 30 k again.
I just left eviction court myself -
Yep eviction court. Non payment as i lost the other job and of course housing voucher holders really isn’t for the faint of heart as you may not be paid (money)
I supported the FARE act as most brokers didn’t show up, didn’t open the door, assistant or anything!
Yet wanted a fee! However HRA policy will shut out many from housing especially those with vouchers and low income jobs. -
@NYCDSSCommr
It’s official.
Today, a bill which absolves NYC tenants from paying the landlord’s broker fee is now law.
It was a huge, long fight and this ending is an incredible victory for tenants.
NYC Council Passes FARE Act, Shifting Broker Fees to Landlords #FAREAct #TenantRights #NYCRealEstate #BrokerFees #HousingPolicy #AffordableHousing #NYCCouncil @NYCCouncil https://t.co/BM6wPS6QMS
This week the NYC Council passed Introduction 360-A, also known as the #FAREAct, which will alleviate financial burdens on renters by ensuring that tenants are not forced to pay the fee for the services of a real estate broker they did not hire.
🚨LEGISLATIVE UPDATE: It’s official! By a vote of 42-8, the FARE Act passed the @NYCCouncil with a veto-proof supermajority ending forced broker fees. Thank you.
Amid rising rents and economic uncertainty, the FARE Act eliminates a major financial barrier for renters, making housing more accessible for countless NYC families. Big thanks to @OsseChi and the @NYCCouncil for putting money back in working families' pockets! #FAREAct
"When we elect Working Families champions to office this [the #FAREAct] is what gets done. We're proud to stand with @OsseChi as he passes this monumental legislation. We are fighting to put money back in the pockets of people and that's what this bill does." - @Jasgripper
Positively THRILLED to have stood alongside my good friend Chi to ensure we passed the #FAREAct! 🤜🏻🤛🏾
Naysayers and neocons will say that real estate folx will now simply add the cost of hiring a broker into a tenant's rent.
To them, I say this: Watch us pass it anyway! 🙌🏻
Bro, we won!
Bro, we won!
“The rising cost of rent in NYC has been exacerbated by broker fees that tenants are required to pay even when it’s the landlord who has retained the broker,” said New York City Central Labor Council, AFL-CIO President Vincent Alvarez.
Congratulation Council Member @OsseChi on today's passage of the #FAREAct to end forced brokers fees for renters! And thanks to all the @NYCCouncil members whose votes helped it pass with a veto-proof majority! PSC President James Davis release the following statement:🧵
The #FAREAct passed! Brooklyn A was delighted to join @CMChiOsse and the bill's many supporters at City Hall today ahead of the successful Council vote. The bill requires whoever hires the broker to pay the fee and will help countless New Yorkers on the apartment hunt.
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