Tenants searching for an apartment in New York City have long been forced to pay thousands of dollars to real estate brokers.
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Councilmember Chi Oss, D-Brooklyn, addresses a rally outside of City Hall in support of the FARE Act ahead of a City Council meeting, Wednesday, Nov. 13, 2024, in New York. Councilmember Chi Oss, D-Brooklyn, addresses a rally outside of City Hall in support of the FARE Act ahead of a City Council meeting, Wednesday, Nov. 13, 2024, in New York.
The legislation passed by the City Council aims to stop landlords from saddling tenants with those payments — at least as an up-front fee. Though tenants may hire their own representatives, they will no longer be forced to pay for brokers that solely represent the interests of their landlords. But with most listings now published online, and virtual or self-guided tours gaining popularity since the COVID-19 pandemic, many New Yorkers have grown increasingly frustrated by the fees.
“This is the start of a top-down, government-controlled housing system,” said Jordan Silver, a broker with the firm Brown Harris Stevens. “The language is so incredibly vague, we actually have no idea what this would look like in the world.”
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