New bill could save renters from paying brokers fees

NEW YORK CITY - Jimmy McMillan famously said "the rent is too damn high." And things haven't changed much.

New York City residents face one of the most ruthless times in rental history, but new legislation has been introduced aiming to help. 

The new bill introduced in the City Council doesn't eliminate broker fees but makes whichever party hires the broker pay their fee.

Currently, most landlords who bring a broker in make the incoming tenant pay, and renters say that's unfair.

The bill is named the FARE ACT, standing for The Fairness in Apartment Rental Act and is sponsored by City Council Member Chi Ossé.

"New York City and San Francisco are the only cities in this country where this doesn't exist. It's funny enough because those two cities have the worst housing crises across the country." Ossé tells Fox 5. 

Ossé says he already has 10 fellow city councilmembers signed on as co-sponsors. He needs 26. And they will face fierce opposition from real estate interests.

Michael Tobman is Director of Membership & Communications at the Rent Stabilization Association. 

He says, "Building owners are already facing ever escalating costs in property taxes, insurance premiums and energy. So, to layer another mandate, another cost on top of owners who are facing decreased income, which is rent to meet these escalating costs simply isn't right, appropriate or fair."

The FARE ACT will face the heat this summer, as its sponsors try to build support for it.