NYC Broker Fee Reform Bill Nears Critical Vote
The FARE Act aims to shift broker fee burdens from renters to landlords, sparking intense debate.
Overview
- The FARE Act would require landlords to pay broker fees, not renters.
- Currently, renters pay broker fees, which can be up to 15% of annual rent.
- Proponents argue the bill will make housing more affordable and fair.
- Opponents warn it could lead to higher rents as landlords pass on costs.
- The bill has strong support but faces potential opposition from NYC Mayor Eric Adams.