Predictions on the FARE act and its effects on the NYC rental markets?

[Jon Pflueger]

Recently, NYC Council has passed a bill, the F.A.R.E. act,  that shifts the brokers fee to who ever hired the broker (Usually the landlord). I am curious to hear some early predictions on what effect this will have on the NYC markets. Will landlords who are barely profitable as it is sell? Will brokers be phased out? Assuming this cost will be reflected in rent, will it give landlords who don't use a brokers an advantage price wise?

In the end, will this act be beneficial to the landlords, or renters long term?