New York City’s new broker fee law takes effect Wednesday, shifting the financial burden of paying brokers from renters to landlords.
The Fairness in Apartment Rental Expenses, or FARE, Act was passed by the New York City Council in November and became law in December after Mayor Eric Adams declined to sign the bill.
Supporters say the measure will make living in New York more affordable, while real estate groups say the cost will still be passed on to tenants through rent increases.
What is a broker fee?
A broker fee is a payment made to an agent who helps a prospective tenant find their rental unit…