M
ayor Eric Adams expressed concerns about City Council legislation that aims to relieve most renters from paying real estate broker fees, known as the FARE (Fairness in Apartment Rentals) Act. The bill would require landlords to pay the fees, which are usually passed on to tenants.

    Adams agrees with the bill's premise but believes it will have unintended consequences. He thinks landlords will pass the cost onto tenants by increasing their monthly rent. This would transform broker fees from a one-time expense into a permanent rent hike for renters.

    The mayor described the bill as a "knee-jerk reaction" and hasn't indicated whether he'll veto it if it passes. The legislation has 33 council co-sponsors, including Public Advocate Jumaane Williams, but two votes shy of a supermajority to override a mayoral veto.

    Council Member Chi Ossé, the bill's prime sponsor, responded to Adams' comments by saying the FARE Act would actually put downward pressure on rents and save tenants thousands upfront. He argued that broker fees are one of many barriers to affordable housing in New York City, where just 1.4% of apartments were available for rent last year.

    Real estate industry leaders have also raised concerns about the bill, arguing it would take away renters' choice of apartment listings with or without broker fees. A survey found 81% of respondents believed landlords should be responsible for broker fees, and 76% of renters said the fees are a barrier to renting an apartment.