How NYC’s ban on broker fees sent rentals into “convoluted, questionable”
The implementation of the FARE Act in New York City spawned a paywall for prospective renters, some of whom now face exorbitant fees to access off-market listings. That was the central finding in a Bloomberg report published last week, more than a year after the city implemented the Fairness in Apartment Rental Expenses (FARE) Act, which bars brokers hired by landlords from charging renters a fee for their services. Renter Alexandra Dye told the outlet that she had to pay an agent $4,000 to see the listing for a Brooklyn apartment. She connected with the broker after reaching out about […]
The implementation of the FARE Act in New York City spawned a paywall for prospective renters, some of whom now face exorbitant fees to access off-market listings. That was the central finding in a Bloomberg report published last week, more than a year after the city implemented the Fairness in Apartment Rental Expenses (FARE) Act, which bars brokers hired by landlords from charging renters a fee for their services. Renter Alexandra Dye told the outlet that she had to pay an agent $4,000 to see the listing for a Brooklyn apartment. She connected with the broker after reaching out about […]
What's Your Reaction?
