NYC Council Votes to End ‘Killer’ Broker Fees Squeezing Renters
- Bill requires landlords pay agents they hire, sparing tenants
- Upfront costs hamper renters’ mobility, council member says
The measure would ban a practice that’s rare among cities in the US and has helped make renting in New York so expensive.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
New York renters would no longer be on the hook for costly broker fees when signing a new apartment lease, under a measure passed by the city council Wednesday.
The Fairness in Apartment Rental Expenses, or FARE, Act was approved by a vote of 42-8 with no abstensions, enough support that Mayor Eric Adams wouldn’t be able to torpedo the effort. The bill requires landlords who hire real estate agents to pay the agents’ fees themselves instead of passing them on to tenants.