Real Estate

NYC Broker Fees Banned! Council Member's Landmark Victory

Abc7 New York1 min read94 views
NYC Broker Fees Banned! Council Member's Landmark Victory

NYC Broker Fees Officially Eliminated!

A monumental victory for NYC renters! The Fairness in Apartment Rentals Act (FARE Act) has been passed, eliminating the burden of broker fees for tenants.

This landmark legislation, spearheaded by Council Member Chi Osse, ensures that only the party hiring the broker pays their fees. Previously, tenants often faced unexpected costs, sometimes exceeding 15% of their annual rent, creating a significant financial barrier, particularly for lower-income New Yorkers.

Council Member Osse, New York City's first Gen Z council member, recognized the unfairness of this system and worked tirelessly to pass the FARE Act, aligning NYC rental law with most other US cities.

The FARE Act is expected to significantly reduce moving costs in NYC and make renting more affordable. This change represents a major step forward for renters' rights and financial accessibility in the city.

  • #brokerfees
  • #rentersrights
  • #nyc
  • #affordablehousing
  • #fareact

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