NYSAR Alert: 11/13 NYC Council Vote on Amended Broker Fee Ban

"The New York City Council is reviewing amended legislation ( Int. 360, FARE Act) that would prohibit the collection of a broker fee from a tenant by the landlord to pay for the landlord’s agent. The updated bill could be voted on as early as November 13," reported NYSAR in their weekly newsletter this Saturday.

"The amended FARE Act would also allow a tenant to sue a broker over a purported violation of the FARE Act, empower the City to issue fines, assumes that any broker advertising a rental unit works for and is being paid by the landlord, and would prohibit landlords from paying the fee for a tenant’s broker. 

NYSAR continues to strongly oppose the bill – NYSAR launched multiple Calls for Action, held one-on-one meetings with City Council Members, and had REALTORS® testify before the Council. 

NYSAR will continue to engage the City Council on this issue and will keep members informed on any updates. REALTORS® living and working in New York City, Take Action and tell your New York City Council Member you oppose this bill."