NYC Council: Broker Fee Bill Advances, "City of Yes" Is A Maybe

New York City Councilmember Chi Ossé's (D-Bed-Stuy) Intro. 360, a bill to shift broker fees from tenants toward landlords also known as the "Fairness in Apartment Rental Expenses Act" (FARE), made it onto this week's agenda for the Democratic majority conference:

"Despite heavy lobbying by the Real Estate Board of New York, it appears that the core of the legislation is unchanged and even includes new protections for tenants," reported Crain's New York. "The updated version would require that any listing for a residential property disclose the 'fees and commission to be paid by the prospective tenant,' and empower the City's Department of Consumer Affairs to enforce civil penalties and civil actions against anyone who misrepresents those fees."

Meanwhile, "supporters of Mayor Adams’ (D) 'City of Yes' plan, including members of the Council, say that while they expect the measures to pass, the route to a majority vote is getting more complicated. Many councilmembers will likely seek changes to unpopular parts of the plan or demand deeper funding commitments for their districts in exchange for their votes — at a time when multiple investigations are engulfing the Adams administration," reported WNYC's Gothamist.