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NYC Council Debates FARE Act to Shift 15% Broker Fees from Tenants to Landlords

Jun 12, 2024, 04:48 PM

New York City's broker fee practices are under scrutiny as the City Council holds a hearing on the Fairness in Apartment Rentals Act (FARE Act). The proposed bill, introduced by Council Member Chi Ossé, seeks to shift the responsibility of paying broker fees from tenants to landlords. The hearing, hosted by the Committee on Consumer and Worker Protection, saw passionate testimonies from both supporters and opponents. Proponents, including PSC President James Davis and Bradley Tusk, argue that the bill will alleviate financial burdens on tenants and attract talent to the city. Tusk highlighted that broker fees can be as high as 15% of annual rent. Opponents, such as Bess Friedman, CEO of Brown Harris Stevens, and the Real Estate Board of New York (REBNY), contend that the bill will raise housing costs, reduce jobs, and limit housing access. The debate has sparked significant public interest, with rallies held by both sides outside City Hall, including a 9am rally. The Progressive Caucus emphasized that rents are increasing seven times faster than wages, making the bill a priority for working-class families.