Stop the FARE Act: Tell Your NYC Councilmember to Vote NO!
🏠📢 Calling All New Yorkers! 📢🏠
For five years, REBNY has been fighting against harmful legislation that threatens brokers’ livelihoods. The newest version of the FARE Act, like its predecessor, is bad legislation that would harm tenants and kill jobs.
The revised FARE Act (Intro. 360-A) will hurt New Yorkers by and could limit their ability to learn about rental opportunities. The FARE Act could also lead to increased rents. The FARE Act will certainly limiting housing access, raising rents, and jeopardizing the
livelihoods of hardworking real estate agents. This new legislation could be voted on as soon as November 13th.
It will be detrimental for New York City’s housing market if it passes.
Here’s what’s at stake:
- Choice and Availability: Platforms like Zillow, StreetEasy, and Apartments.com currently showcase numerous listings by brokers who are allowed to advertise properties even if they aren’t hired by the owner. These listings represent over half of all available apartments on these platforms. If the revised FARE Act passes, brokers will lose the ability to advertise independently, cutting New Yorkers off from learning about rental option.
- Transparency: Consumers can currently choose between “no-fee” apartments or working with a broker for specialized assistance. If the revised FARE Act is enacted, it will lead to a chaotic rental environment, reminiscent of the 1980s and 1990s, where misinformation and hidden costs were rampant. This bill would make it harder to find accurate information and reliable information.
- Increased Costs: Without brokers, landlords may need to hire additional staff to handle listings, showings, and applications which adds costs and could push up rental prices. To offset these costs or to pay a broker directly, the burden of a one-time fee will most likely be shifted to rents and drive overall cost of living higher.
Agents and brokers must take action. Email your local Councilmember NOW using the below take action boxes to express your opposition to the revised FARE Act. We must prevent this bill from dismantling our city’s rental market!
Together, we can protect New York’s real estate market, keep rental housing from getting even more expensive, and secure the livelihoods of thousands of agents. Let your voice be heard today and help stop this bill from advancing.