The FARE Act, which frees New York City tenants of paying real estate broker fees and shifts those costs to landlords, became law on Saturday, 30 days after its passage, despite Mayor Eric Adams refusing to sign it.
The City Council passed the FARE Act (Intro. 360-A) with a veto-proof majority on Nov. 13; it aims to rid tenants of a major economic burden when first renting a home in the Big Apple, as brokers fees can run up into several thousands of dollars. Opponents of the legislation, however, argued that this would only shift the broker fee burden to landlords, who may then pass them on to their tenants anyway through higher rents in a city where housing costs are still skyrocketing.
