NYC Council Ends Broker Fees for Tenants, Shifts Cost to Landlords
TL;DR Summary
The New York City council has passed the Fairness in Apartment Rental Expenses Act (Fare), which eliminates broker fees for tenants, shifting the cost to landlords. This move aims to reduce the high upfront costs of renting in the city, where the median rent is $3,500. The bill, passed with a veto-proof majority, will take effect 180 days after becoming law. While Mayor Eric Adams has expressed concerns about the impact on small property owners, the legislation is seen as a step towards fairness in rental expenses.
- New York City poised to end broker fees for new tenants in cost-cutting move The Guardian US
- New York City Council Approves Bill Shifting Broker Fees to Landlords The New York Times
- Bye-bye broker fee: NYC Council approves bill to eliminate fee for most tenants Gothamist
- New York City Votes to End One of Renters’ Biggest Complaints, the Broker Fee The Wall Street Journal
- City Council to vote on bill shifting brokers' fee from tenant to landlord Spectrum News NY1
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