Dec. 14, 2024 By Robert Pozarycki
The FARE Act, which frees New York City tenants of paying real estate broker fees and shifts those costs to landlords, became law on Saturday, 30 days after its passage, despite Mayor Eric Adams refusing to sign it.
The City Council passed the FARE Act (Intro. 360-A) with a veto-proof majority on Nov. 13; it aims to rid tenants of a major economic burden when first renting a home in the Big Apple, as brokers fees can run up into several thousands of dollars. Opponents of the legislation, however, argued that this would only shift the broker fee burden to landlords, who may then pass them on to their tenants anyway through higher rents in a city where housing costs are still skyrocketing.
Though he spoke out against the FARE Act’s passage, Mayor Adams said earlier this month that he would not stand in its way from becoming law, opting not to risk a losing battle with the City Council because of the veto-proof majority it had when the bill was passed. Under the City Charter, any bill passed by the City Council automatically becomes law after 30 days if the mayor does not sign or veto it.