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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
