Just hours after the FARE Act took effect, rental listings on StreetEasy dropped by over 1,000.

The new law, which shifts broker commission payments from tenants to landlords, is already reshaping New York’s rental market. Some landlords are pulling listings to avoid legal ambiguity, while others are raising rents to offset broker costs.

One-bedroom units that were $5,000 are now being priced at $5,400. Rent-stabilized landlords, who can’t hike rents, are especially strained. While for some this law risks reducing transparency and hitting less well-off tenants, for others it represents the opposite, guaranteeing easier access to housing. We’ll see.

(source: The Real Deal, picture: Luca Bravo)