LEGAL CORNER: NYC Passes the FARE Act and Restricts the Payment of Commissions by Tenants
The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
In 2023, the Rockland County Office of Consumer Protection investigated 617 complaints and returned $66,000 to homeowners.
“2023 was a difficult year for Realtors due to high mortgage rates and low housing inventory, which significantly impacted home sales volume,”
Located at 23 Mulberry St. in the Hollow neighborhood of South Yonkers, the $48 million, four-story building has 60 energy-efficient, affordable apartments for seniors.
“Today marks a significant milestone on the path to ensuring the success of our nation’s most vital infrastructure project,” said New Jersey Gov. Phil Murphy.
The diminishing property values have restricted property owners' access to loans for essential upkeep, renovations, and maintenance, leading to a rapid deterioration of rent-stabilized buildings in the coming years.
The board expects to make decisions by Dec. 1, 2025, followed by commission licensure by Dec. 31, 2025.
The Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—decreased to 70.8 in May. Year-over-year, pending transactions were down 6.6%.
The Department of Financial Services sent a “Circular Letter” on Monday to all insurers advising them of the prohibitions.
Downstate Correctional Facility was a maximum-security prison until its closure in 2022.
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