Mayor Eric Adams declined to take action on the bill within 30 days, meaning it automatically becomes law.
Thinking of moving? You might want to consider waiting until mid-June.The measure, which the City Council approved on Nov. 13 with a veto-proof majority, automatically became law after Mayor Eric Adams declined to sign it within a 30-day window. It will take effect in six months.
The measure could provide some serious financial relief for renters who are often forced to fork over a broker fee equal to 15% of their annual rent — in addition to their first month’s payment and security deposit — before moving into the apartment. “It’s a money-saver, it makes the city more affordable and allows tenants to have more mobility,” said Councilmember Chi Ossé, who introduced the legislation.
Ossé said the law will make it easier for low- and middle-income residents to move without having to hand over a check for thousands of dollars to the broker. The bill's opponents say it could lead to higher rents if the owner factors the fee into the monthly price.The Real Estate Board of New York, which represents brokers and landlords, has suggested it will sue to block implementation. The powerful trade group successfully sued to restore tenant-paid broker fees after state lawmakers attempted to change the status quo with vaguely worded legislation in 2019.
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