3 sources·Politics

New York City Bans Mandatory Broker Fees in Apartment Rentals

New legislation in NYC prohibits mandatory broker fees, promoting fairness for renters and easing financial burdens in a high-cost living environment.

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Updated: Nov 13th, 2024, 10:02 PM ET

Summary

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New York City Council has enacted a law banning mandatory broker fees for tenants, a practice long criticized for adding significant costs to renting. This legislation, known as the FARE Act, aims to shift the financial burden of broker fees from renters to landlords. With approximately 69% of city residents renting, the decision has garnered widespread support among tenants but faces opposition from real estate brokers and some property owners concerned about potential market impacts. The law takes effect in six months and reflects a significant shift in real estate practices in the city.

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