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Story summary
- Manhattan's median rent reached $5,000, up 6% from last year, according to Corcoran and Rent Hop.
- Experts warn that Mayor Mamdani's proposed rent freeze could worsen the situation.
- The rental market shows a 2% vacancy rate and 26% lower inventory versus last year.
- The Fairness in Apartment Rental Expenses (FARE) law has unintentionally raised rents by shifting broker fees to landlords.
- Over 80% of households cannot meet landlords' income requirements.
