Tenants have been forced to hand over thousands of dollars in fees to brokers they never hired nor wanted. Today is a win for the people of New York as we make official what has long been common sense.
The FARE Act also mandates that the landlord or broker provide a list of all the fees that tenants must pay upfront before the lease is signed.
Brokers and real estate interests largely oppose the new legislation, arguing that brokers will persist and landlords will simply increase rents to cover the broker's fee.
Those fees typically amount to at least one month of rent and sometimes as much as two months of rent.
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