Pushing for Co-op Transparency and Responding to the FARE Act Rollout
This week, the Hudson Gateway Association of Realtors, in partnership with the New York State Association of Realtors, continued its focused advocacy in support of Intro 1120, a bill introduced by Councilmember Amanda Farías. This legislation seeks to reform the cooperative housing purchase process in New York City by establishing transparency, consistency, and fairness for buyers navigating the notoriously unpredictable world of co-op board approvals.
Intro 1120, which is currently in the Committee on Housing & Buildings, would:
- Require cooperative boards to acknowledge receipt of a purchase application within 10 days;
- Set a 45-day deadline from application completion for a board decision;
Allow for a one-time 14-day extension if the board needs more time and notifies the applicant accordingly.
This is a balanced proposal that preserves the authority of co-op boards while protecting buyers from unnecessary delays and opaque decision-making. With this bill in place, all stakeholders from buyers to brokers can expect greater predictability and accountability in a process that has long needed reform.
Meanwhile, a Major Regulatory Shift Has Taken Effect: The FARE Act
As we continue this important legislative push, New York City’s real estate community is also adjusting to a significant change that took effect on June 11, 2025: the implementation of the FARE Act (Fairness in Apartment Rental Expenses).
Passed amidst a busy election cycle and ongoing affordability debates, the FARE Act prohibits real estate brokers who represent landlords, or advertise listings with the landlord's permission, from collecting any compensation from tenants.
Key provisions include:
- A complete ban on landlords’ agents collecting commission or fees from tenants;
- A prohibition on co-broke arrangements between landlords’ agents and tenants’ agents, even if the tenant voluntarily pays the tenant’s agent. If the landlord’s agent receives compensation through such a co-broke, it is still deemed a violation.
- This sweeping regulation changes the dynamics of rental transactions citywide, raising significant concerns about broker compensation, service models, and access to listings. HGAR is closely monitoring the law’s implementation and its impact on brokers and consumers. We are also actively engaging with policymakers to ensure that the voices of working real estate professionals are heard—and that any unintended consequences are addressed.
More Work Ahead
These developments make it clear: there is a lot of work to be done in New York City. From co-op reform to broker compensation, the policies emerging from City Hall are reshaping how real estate is transacted in one of the most competitive markets in the world.
And the changes are far from over. At the end of June, the Rent Guidelines Board is scheduled to vote on potential rent freezes or increases for rent-stabilized apartments across the five boroughs. This annual vote affects nearly one million units and will have major implications for both tenants and property owners. HGAR is closely watching the proposals under consideration, particularly in light of ongoing concerns about housing affordability and the financial sustainability of small landlords.
As we navigate this critical time, especially in the middle of a pivotal election year, HGAR remains committed to fighting for smart, balanced policy that supports fair housing access, consumer protection, and the real estate professionals who make the industry move.
