NYC broker fee bill becomes law without Adams’s signature

… declined to sign the Fairness in Apartment Rental Expenses FARE Act within a 30day window after approval by the City … support from celebrities such as comedian Ilana Glazer Brokers criticized the bill at an explosive hearing in June … that it would encourage landlords to raise rents But its worth noting that the bills implementation falls under the …

By Celia Young |December 16, 2024 - 3:00PM
The FARE Act is not likely to result in steeply higher rents for new leases

… to New York Citys broker fee bill argued it will raise rents significantly for new leases but that outcome does not … to the rents they charge for new leases in essence creating higher base rents that longterm tenants would pay in … tenants benefit from limits on rent increases and automatic renewals so they are willing to pay these fees he said …

By Jennifer White Karp |December 10, 2024 - 4:30PM