Mayor Eric Adams acknowledged the intentions behind the FARE Act but expressed concern that it could lead to unintended consequences, particularly a permanent increase in rent for tenants. He emphasized that while it aims to relieve renters from upfront broker fees, the costs might simply shift to landlords, ultimately affecting the affordability of housing.
Proponents of the FARE Act argue that it is designed to alleviate a significant upfront financial burden for renters. However, Mayor Adams points out that the legislation might not account for its broader economic impact, potentially disadvantaging small property owners while complicating the rental market.
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