A new bill that does away with broker fees for renters in New York passed today. The Fairness in Apartment Rentals (FARE) Act, shepherded by City Councillor Chi Oss of Brooklyn, was approved by the New York City Council this afternoon. It goes into effect in 180 days. New Yorkers regularly pay brokers on average 15 percent of the annual rent on an apartment for simply turning a key, detractors of the system often say. And when you add last months rent and a security deposit to the equation, a new flat might cost you upward of $10,000 before you can even set up your mattress frame.The FARE Act changes this. Now, property owners looking to rent out their units will have to shoulder the broker fees, not the tenants. (But tenants who hire brokers will still have to pay for those services.) Landlords will also be required to disclose all upfront fees to prospective tenants. The legislation had 32 sponsors from New York City Council, which has 51 seats. On November 13, FARE Act earned a veto-proof majority. It stands to free up thousands of dollars in cash for millions of renters.Mayor Eric Adams, who was once a real estate broker, didnt support the measure. Previously, Mayor Adams argued that the bill would drive up rents because, in his view, landlords will make their money back by charging more on every flat; a critique thats similar to what Elon Musk said about Kamala Harriss plan to build 3 million new homes. The Real Estate Board of New York (REBNY) also fought against the bill. In a statement issued before todays approval, REBNY said: Wednesdays vote is yet another instance of prioritizing ideology over economic and practical reality when it comes to the citys rental housing stock.The FARE Act will make it harder for tenants to find housing, raise rents, and make the hard work of real estate agents even more difficult, the Real Estate Board of New York continued. REBNY will continue to pursue all options to fight against this harmful legislation on behalf of our members and the renters they serve.The FARE Act was approved one day after the U.S. Supreme Court struck down a challenge from the real estate lobbyto a rent stabilization law from 2019, marking another big win for the citys rentier class, which constitutes about 5.8 million people, or 69 percent of the populace.