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NYC's FARE Act Eliminates Broker Fees, Burden Shifts to Landlords

6/11/2025

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Summary

Story summary

New York City's FARE Act eliminates broker fees for renters, placing the financial burden on landlords.
Effective Wednesday, the law seeks to improve tenant affordability, previously costing renters 12-15% of annual rent in fees.
Critics caution that landlords might raise rents to offset broker costs, following a federal judge's dismissal of a related lawsuit.
Violators of the law may face fines up to $2,000 for repeated offenses; tenants using their own brokers still pay fees.

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Story summary

New York City's FARE Act eliminates broker fees for renters, placing the financial burden on landlords.
Effective Wednesday, the law seeks to improve tenant affordability, previously costing renters 12-15% of annual rent in fees.
Critics caution that landlords might raise rents to offset broker costs, following a federal judge's dismissal of a related lawsuit.
Violators of the law may face fines up to $2,000 for repeated offenses; tenants using their own brokers still pay fees.