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Episode 112: What is the FARE Act? My Thoughts on the Fairness in Apartment Rentals Act to Ban Brokers Fee s
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I'm jumping on to quickly discuss my thoughts on the FARE Act, AKA the Fairness in Apartment Rentals Act. Who does it help? How does the bill affect the overall market? How does this impact mom-and-pop shop landlords? Does this bill positively impact the tenant community overall? Or just a small segment of renters?
According to the bill's sponsor, the New York City Council is poised to pass a law that would allow most tenants to avoid paying thousands of dollars in broker fees when renting a home.
The proposed measure, which the Council could vote on as soon as Nov. 13, would shift broker fees to the party that hires the broker, which is nearly always the landlord. The Fairness in Apartment Rental Expenses, or FARE, Act now has 33 sponsors, seven more than the majority needed to pass in the 51-member Legislature.
Please listen to the full episode for a quick deep dive into this issue!
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