NEW YORK (PIX11) – Renters and real estate agents are expected to rally in front of City Hall on Wednesday during a hearing on broker fees.
New York City apartment availability is at its lowest level in 50 years. Renters argue that they're paying for a broker they never even hired, on top of upfront costs of first and last month's rent and moving fees.
The fees can be as much as a month's rent or 15% of an entire year's lease.
The City Council will discuss the Fairness in Apartment Rental Expenses Act, also known as the FARE Act. It proposes that whoever hires the broker has to pay them, instead of automatically putting the expense onto the renter.
Real estate agents argue that they should be paid for their work, and if the system changes, then landlords will find another way to squeeze tenants for more money.
The FARE Act also proposes transparent and negotiable broker fees and renters having the choice to use a broker.
Tenant's rights groups argue nearly every other major city in the U.S. has these protections.
The hearing will be held at 10 a.m.
Erin Pflaumer is a digital content producer from Long Island who has covered both local and national news since 2018. She joined PIX11 in 2023. See more of her work here.
English (US) ·