10 Highlights

• New York City Council passes the FARE bill, which shifts the financial responsibility of broker fees from tenants to landlords.
• The FARE bill, approved with a 42-8 vote, aims to make housing more affordable by altering broker fee payments.
• • This controversial legislation will take effect in New York City in 180 days, allowing time for industry adjustments.
  • Mayor Eric Adams has expressed skepticism about the bill's potential impact on housing costs and market stability.
  • The Real Estate Board of New York (REBNY) strongly opposes the new bill, citing concerns over increased financial pressures on landlords.
  • With average rental broker fees in NYC hitting $13,000, the bill intends to ease the financial burden on tenants.
  • Critics argue that shifting the broker fee costs to landlords might lead to increased rent prices, countering affordability goals.
  • Brooklyn Council Member Chi Ossarich sponsors the bill, seeking to align New York City's practices with those of other major cities.
  • The new reference highlights the bustling urban life in NYC, unrelated to the bill, such as Gigi Hadid's street filming for a Maybelline commercial.
  • Despite unrelated topics in the reference, the legislative change reflects NYC's ongoing efforts to address housing and affordability issues.