Reported about 1 year ago
New legislation in New York City backed by a majority of the City Council is aiming to require landlords to pay broker fees for tenants, a significant departure from the current practice where tenants bear these costs. While renters welcome this change in the expensive housing market, it has sparked opposition from the real estate industry, warning of potential market disruption and economic impacts. The bill's sponsor cited personal experiences, and critics argue that broker fees create barriers for low-income individuals. Brokerage firms estimate that about half of the city's apartments involve tenant-paid broker fees, which can amount to a significant portion of the annual rent. The proposed legislation has drawn mixed reactions and raised concerns about the livelihoods of real estate agents in the city.
Source: YAHOO