REMARKS
Vickie Paladino explains her vote against the FARE Act
0:36:31
·
118 sec
Council Member Vickie Paladino explains her vote against Intro 360-A (also known as the FARE Act), expressing concerns that the bill will ultimately increase housing costs and limit availability in New York City. She votes aye on all other items.
- Paladino argues that broker fees will be built into rents, causing them to increase
- She believes the bill will force housing units to go unadvertised, limiting transparency and opportunities for tenants
- Paladino hopes the real estate industry will sue to stop the law
Vickie Paladino
0:36:31
I'd like to explain my vote.
Amanda Farias
0:36:33
Sorted.
Vickie Paladino
0:36:34
Thank you.
0:36:35
I vote aye on all except for 368, and here's my explanation.
0:36:40
Let's give another side to 368.
0:36:44
We talk a lot here about afford the affordability crisis.
0:36:48
Yet here we are with yet another law that will only make life more expensive in the end.
0:36:56
These fees aren't going anywhere.
0:36:59
They are now just going to be built into rents and rents will go up as a result, all while hurting small business people in this city who make their living helping tenants find housing.
0:37:17
This bill will force thousands of housing units to go unadvertised, greatly limiting transparency and cutting the general public off from potential housing opportunities.
0:37:31
Because new units will not be advertised and the limitations placed on them by this new law, potential tenants won't have the leverage to negotiate the best possible deal between competing broke brokers.
0:37:48
This will fundamentally break the rental market, driving up prices and limiting availability.
0:37:56
And then in a few more years, we'll all sit here again and wonder why housing is even more expensive and try to pass yet another dumb command economic solution destined to fail this city.
0:38:13
At what point is everyone here going to realize that we're only going to make things worse?
0:38:20
I sincerely hope that the real estate industry sues to have this law stopped.
0:38:27
Thank you.
