Dossier
broker fees
Coverage of broker fees in the Nexus archive.
FARE Acttopic1Chi Osséperson1New York City Councilorganization1small property ownerstopic1rent-stabilized buildingstopic1Fairness in Apartment Rental Expenses Acttopic1Department of Consumer and Worker Protectionorganization1Office of Administrative Trials and Hearingsorganization1New York Cityplace1Calperson1
- 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.
- Broker Fee Law’s First Year: Complaints, Violations and Uphill Climb to Recoup for Tenants
New York City's FARE Act, which requires landlords to pay broker fees, has led to over 2,000 complaints and 74 summonses in its first year, with $15,000 in refunds awarded to tenants. The law allows tenants to report illegal fees, but enforcement challenges persist as landlords and brokers face violations.