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Market
Impact of FARE Act on apartment market time in NYC within first year
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Resolution / Starting Odds
Decrease by more than 10% • 25%
Decrease by less than 10% • 25%
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Increase by more than 10% • 25%
Real estate market analytics reports
Story
New York City Council Passes FARE Act, Shifting Broker Fees to Landlords in 42-8 Vote
Nov 13, 2024, 06:19 PM
The New York City Council has passed the FARE Act on Wednesday, a significant piece of legislation that shifts the responsibility of paying broker fees from tenants to landlords. The bill was approved with a veto-proof majority of 42-8, ensuring its enactment despite any potential opposition from the mayor. This move is expected to alleviate the financial burden on renters, who often face substantial upfront costs when securing an apartment. The FARE Act, sponsored by Council Member Chi Ossé, aims to make housing more affordable and equitable for New Yorkers. Real estate interest groups, such as REBNY, have opposed the bill, arguing that it could lead to higher rents. The legislation will take effect 180 days after being signed by the mayor.
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