Under the Fairness in Apartment Rental Expenses (F.A.R.E.) Act, the responsibility for paying broker fees shifts from tenants to landlords, marking a significant change in rental agreements in New York City.
A 2023 report found that New Yorkers spend over $10,000 upfront when renting an apartment, making broker fees a significant burden that this new legislation aims to alleviate.
Chi Ossé stated, "What other industry exists where someone else orders something and then [you] have to pay for it? Why are we so conditioned to think that this is okay?" This question underscores the advocacy behind the F.A.R.E. Act.
Critics, including the New York State Association of Realtors, warn that the F.A.R.E. Act could lead to increased rents and limit housing accessibility, raising concerns about its potential economic impacts.
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