A recent ruling upheld the FARE Act, which aims to shift broker fee responsibility in New York City to the entity hiring the broker, rather than the tenants. Advocates claim it will significantly relieve renters from upfront costs associated with moving, potentially saving them thousands. The ruling represents a setback for the real estate sector, which warns that increased regulatory costs may be passed on to renters. Nonetheless, tenant advocates view the ruling as a critical step toward improving tenant rights and affordability in the housing market.
The ruling marks a significant blow to the real estate industry's effort to derail the policy and a major victory for tenant advocates.
From our perspective, the best thing to happen is for it to go into effect tomorrow. Renters need immediate relief when it comes to their apartment hunt in New York City.
Under the proposal, landlords or brokers who charge a tenant without a prior agreement would face a $750 fine for a first offense.
The FARE Act seeks to change that by aligning payment responsibility with the party that hires the broker.
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