The #FAREAct @NYCCouncil hearing on broker fees saw heated debates as real estate industry opposes the bill. The act aims to shift broker fee payment responsibility to landlords, potentially lowering rents and empowering tenants. Brokers argue fees will be added to rents, increasing housing costs and limiting their flexibility. The bill received support from tenants facing unlisted fees and high upfront payments, urging @NYCCouncil to pass it. The debate involves concerns about NYC's unique broker fee system and its impact on landlords' bottom line and housing supply.
"People can't afford their rent and people certainly can't afford an additional $2,000, $3,000 to a broker they never hired," said Council Member Chi Ossé, who represents parts of Bed-Stuy and Crown Heights, at a rally ahead of the June 12 hearing. https://t.co/7PIfNo6BW5
ICYMI: @DavidFBrand on proposed laws to limit broker's fees in NYC https://t.co/Oi8SIwy6c9
Yesterday, the Committee on Consumer and Worker Protection held a hearing to consider proposed legislation to reform rental broker fees and heard dozens of public testimonies from New Yorkers across the city. https://t.co/aGe8k0apzD
“In NYC, unlike nearly every other place in the country, renters are often forced to work with a middleman broker.” That’s where the FARE Act comes in. If passed, whoever hires a broker, pays the broker. That’s it. Simple. It’s time to pass the FARE Act! https://t.co/LteCGjzgba
FROM THE AP: Under N.Y. bill, tenants wouldn’t have to pay landlord-hired broker https://t.co/jT0fld9xTy #RealEstate #BrokerFee #Tenants #Renters #Renting
The Daily Dirt: The fight over broker fees https://t.co/bD3Mr46uPb
REBNY members on Wednesday demonstrated against the FARE Act, a bill that would require rental property owners to cover the cost of broker fees, rather than pass them off on tenants. https://t.co/dm8MV7gGVR
Canceling the NYC system of tenants having to pay the fee (usually 1 month's rent) of a broker hired by the landlord MAY save tenants money, but I worry it'll cause unintended problems. Supply and demand are real, and hurting landlords' bottom line may hurt supply. @moseskagan? https://t.co/kDfKU3HUDC
Proponents and opponents of a broker commission bill descended on New York City Hall on Wednesday to hold dual rallies outside ahead of a hearing on the bill. As @KatieBrenzel reports, the Fairness in Apartment Rentals Act, or FARE, would effectively shift the responsibility for… https://t.co/mmLizFi669
New York City's unique broker fee practices under fire https://t.co/9yuvfmhwSJ
Passions roared on both sides of the debate over @OsseChi's bill to alter broker fees, which only exist in this form in NYC and Bostom. Nice write-up by @JanakiChadha: https://t.co/vV0TeSyLsj
On Wednesday morning, the City Council held a hearing for Chi Ossé’s broker-fee bill. In response, the real-estate industry turned out hundreds of extremely mad brokers to rally against the bill. https://t.co/0mB6sNj8DU
Powerful brokers group rails against council’s overhaul of rental fees https://t.co/N3rltrOBgX https://t.co/WuuraCF0xq
“Don’t raise the rent”: Brokers descend on City Hall to fight the FARE Act, which would effectively shift the responsibility for paying https://t.co/CYc62mYa1J
"Livid' lawmakers, audience members shouting "liar," & more. Brick recaps today's fiery City Council hearing on @OsseChi’s broker fee bill. https://t.co/8YK9Bb1XRf
NEW: Hundreds of people descended on City Hall to testify about the FARE Act, a bill that would make whomever hires a broker — be it tenant or landlord — pay their fee. https://t.co/WhnKpxgICL
Brokers fees aren’t going anywhere. They’ll just be built into rents, making housing that much more expensive, while killing professional flexibility for thousands of brokers. Also, it’s worth taking a look at exactly when rent and earnings became completely detached from each… https://t.co/fP3hyZ9YzE https://t.co/YarTDd1dV4
Real estate rails against broker fee reforms in tense council hearing https://t.co/vWBAPoUpVN
After over four hours, the #FAREAct @NYCCouncil hearing is going VERY well as we deconstruct REBNY arguments. The truth is that ending forced broker fees puts bargaining power in the hands of tenants at lease renewal, which ultimately puts DOWNWARD pressure on rents. https://t.co/cMYZAA3ehy
Our member, Lida Chaglla's story is one of 100s we've heard from tenants: 📲Unlisted broker fees; 💸3 or more months of rent in advance; 🛑No leverage to negotiate prices. This isn't sustainable & breaks our communities apart. We need @NYCCouncil to pass the #FAREAct NOW! https://t.co/RJN0Yq4psY