Summary:
NYC's FARE Act bans broker fees for tenants!
Only the party hiring the broker will now pay their fees.
This significantly reduces moving costs, especially for low-income New Yorkers.
Council Member Chi Osse, NYC's first Gen Z council member, championed the legislation.
The act brings NYC rental law in line with most of the United States.
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.
Comments
Join Our Community
Create an account to share your thoughts, engage with others, and be part of our growing community.