The legislation requires whoever hires a real estate broker to pay their fee. Usually that’s the landlord.
The New York City Council approved new legislation on Wednesday that will eliminate hefty upfront broker fees for most renters.
Tenant groups and elected officials have been trying to eliminate the fee for years. They nearly accomplished it before the Real Estate Board of New York successfully sued to blockcapping broker fees four years ago. REBNY, an industry trade group representing brokers and the large firms that employ them, has opposed the current legislation, arguing it will cost landlords more and compel them to raise rents to cover the fees.“This bill is common sense,” he said.
“This bill is seismic,” said Councilmember Shaun Abreu of Manhattan. “It's going to be the difference between being able to have an apartment or not being able to have an apartment.” The bill now goes to Mayor Eric Adams, who has yet to take a firm stance on the measure. He said Tuesday he had concerns over the consequences for smaller property owners and for tenants who may end up paying more in rent if the landlord factors the broker fee into the monthly cost.
“We worked together with the administration with this bill,” she said. “They raised no major issues.”
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