The Fairness in Apartment Rentals Act (FARE) Act is a significant legislative step that will relieve New York City tenants from paying rental broker fees for landlords' brokers.
Landlords in NYC have turned the practice of making renters cover broker costs into habit, often resulting in one-time payments over $10,000, an unjust burden.
Opponents of the legislation, including the New York State Association of Realtors, warn that eliminating broker fees could inadvertently lead to higher rents and housing access issues.
The FARE Act stands out as a crucial change in New York's competitive rental market, where similar practices elsewhere place the cost burden on landlords.
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