In a recent appearance on Bloomberg News, Brown Harris Stevens CEO Bess Freedman discussed the New York City Council's recent passing of The FARE Act and shared her insight into its subsequent effect on the real estate market. The Fairness in Apartment Rental Expenses (FARE) Act requires landlords, rather than tenants, to pay broker fees when the broker is hired by the landlord.

In the interview, Freedman provides her view on this piece of legislation, explaining that renters may still face financial burden, despite the bill's intended purpose. Click below to watch the full interview segment.

"I dont think it'll fix the problem and I think there's going to be unintended consequences for this legislation... [the NYC Council] is not thinking of the long term..." - BHS CEO Bess Freedman

Click here to learn more about CEO Bess Freedman

Posted by Hannah Minnick, BHS Content Team