Bill Shifting Broker Fees From Renters to Landlords Is Expected to Pass
The New York Times
The City Council is expected to approve a bill on Wednesday that would curb a loathed New York City real estate practice: broker fees paid by renters.
There are many costs associated with living in an increasingly expensive New York City, but the broker fee might be the most detested one.
Moving into an apartment in the city can easily cost more than $10,000 in upfront costs, including a security deposit, first month’s rent and a fee paid to the broker. The fee is typically more than one month’s rent, and right now the median rent is roughly $3,400.
The City Council is expected to approve a bill on Wednesday to shift the cost of broker fees to landlords in most cases.
The bill’s sponsor Chi Ossé, a progressive City Council member from Brooklyn, said that President-elect Donald J. Trump’s victory showed the urgent need for Democrats to address concerns over the cost of living.
“A cruel and unfair system that has persisted for decades will end,” Mr. Ossé said. “Democrats will prove we can tackle affordability. And the voters will see that government can work for them.”
The New York broker fee system is atypical. In most other cities, landlords pay broker fees for rentals.
