this post was submitted on 11 Nov 2025
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TIL
Thanks for the link!
Edit: Added a quick Generated Summary of article below and Archived Link.
Archived Link: https://web.archive.org/web/20250907142800/https://www.npr.org/2024/11/17/nx-s1-5191505/a-new-law-in-new-york-will-do-away-with-broker-fees
Generated Summary:
Key Data & Facts
Key Takeaways
Detailed Summary
The Problem: The article outlines the extreme difficulty of finding affordable housing in New York City, exacerbated by high upfront broker fees. Tenants were routinely required to pay fees as high as 15% (and sometimes up to 30%) of a year's rent to a broker, even in situations where the tenant found the apartment themselves or the broker was hired exclusively by the landlord. This fee was in addition to standard move-in costs like first month's rent, last month's rent, and a security deposit.
The Solution: The FARE Act The FARE Act, introduced by NYC Council Member Chi Ossé, fundamentally changes who is responsible for paying a broker's fee. The core principle is that "whoever hires the broker pays the broker." This means:
Legislative Status and Next Steps: The bill has been passed by the City Council and is now on the mayor's desk. He can sign it, veto it, or do nothing, after which it becomes law in 30 days. Due to the overwhelming veto-proof majority (42 votes in favor), the bill is expected to become law regardless of the mayor's action. Once enacted, there will be a 180-day period before it takes effect.
Context and Rationale:
Broader Implications: The bill is framed as part of a larger "affordability" crisis in NYC. Ossé states that his focus remains on tackling high rents and the city's housing shortage, which disproportionately impact young people and long-term residents being priced out of their neighborhoods.