Proponents of the FARE (Fairness in Apartment Rentals) Act say it will remove a significant financial hurdle to New Yorkers being able to afford apartments because at present, renters are often on the hook for paying broker fees. The legislation would effectively mandate that if a landlord is hiring a broker, as they do in many cases, they will have to pay the fee. Supporters say broker fees - which can cost an average of 15% of a tenant's monthly rent - represent a substantial upfront cost that can be a barrier to apartment renters.
In too many millions of cases across our city and decades of history, tenants have been forced to hand over thousands of dollars in fees to brokers they never hired nor wanted. The harm of this practice cannot be overstated. Today is a win for the people of New York as we make official what has long been common sense: you should get what you pay for and pay for what you get.
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