The Fairness in Apartment Rental Expenses (FARE) Act has been enacted in New York, exempting tenants from paying broker fees, which previously ranged from 12% to 15% of annual rent. This shift relieves financial pressure on renters, but has triggered concerns among landlords who may respond by raising rents. In contrast, Boston remains the only major U.S. city where tenants still bear this cost, although debates for reform continue. The legislative changes in New York reflect a growing trend towards tenant protections in the face of higher living expenses.
"This is a direct result of this, just to cover the cost... All the groups I'm in are also stating this is the only way to combat it."
"Under the new legislation, New York landlords are responsible for paying any broker fees if they hire the agent, a reversal of the traditional setup."
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