Starting June 11, New Yorkers may no longer need to pay hefty broker fees thanks to the FARE Act, which mandates that landlords cover these costs. This law responds to the increasing use of online rental platforms like StreetEasy, allowing renters to find apartments without broker assistance. Critics, including the Real Estate Board of New York, argue that this measure could confuse renters and elevate rents. The cumulative costs of moving, including broker fees and deposits, have created significant financial barriers for renters in the city.
A new law known as the FARE Act, effective June 11, shifts broker fee responsibility from renters to landlords, potentially easing financial burdens for New Yorkers.
The Real Estate Board of New York argues that the FARE Act is unfair and may lead to higher rents, creating a challenging environment for landlords.
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