The Fairness in Apartment Rental Expenses Act would require agents to collect broker fees from the party hiring them, likely the landlords, not tenants.
Councilman Ossé believes that forced broker fees in New York City could be eliminated soon, stating his ongoing battle with the real estate lobby.
NYC rental prices are reportedly increasing at a rate that outpaces wage growth, making the FARE Act a significant and potentially beneficial development for tenants.
With the ongoing review of the FARE Act, there is hope that changes will alleviate the financial burdens associated with renting in New York City.
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