Dossier
FARE Act
Coverage of FARE Act in the Nexus archive.
- A year since NYC banned most broker fees, a modicum of fines and the ‘bait and switch'
A year after NYC banned most broker fees under the FARE Act, $15,500 in illegal fees were recovered for tenants and $27,000 in fines were assessed. However, tenants report increased 'bait and switch' schemes and workarounds since the law's implementation.
- Op-Ed | The FARE Act’s negative impact on small property owners
New York City's FARE Act, which prohibits tenants from paying broker fees, has led to increased rents as landlords bake former fee costs into leases. Small property owners face financial strain due to reduced leasing efficiency and vacancy periods, while market transparency has declined as some landlords limit apartment listings.