What's next for the FARE Act?
And why I still think landlords paying their own agents is better for everyone.
Last Wednesday, City Council voted to pass Intro 360, also known as the FARE Act, which will require landlords to pay their own agents. NYC’s current system forces most tenants to pay huge fees to agents hired by and working for the landlord. We aimed for 34 votes (a 2/3 majority) but ended up with 42. That isn’t just a win; it’s a mandate.
I’ve been intimately involved with this bill since June of 2023 and wow does this feel like a weight off, even as REBNY et al. continue to throw tantrums about it. I have so much more space in my brain now! But last week was intense. I cried a lot out of relief and joy and missing Adam who should be here celebrating this win.
If you want to see or hear me talk more about my support of the bill, I’ve linked my interviews with WNYC, News 12 BK, and NY1. I recorded a podcast with Bloomberg that I will share once it’s released.
But in the meantime, what’s next for FARE? When will it take effect?
Who’s actually against this massively popular bill and why? Is it possible for them to derail it?
Why is this bill agent friendly? And, by extension, why is it better for NYC as a whole and even better for landlords.
Read on for all of this, as succinctly as possible.