https://www.bloomberg.com/news/articles/2024-11-13/nyc-on-brink-of-ending-killer-broker-fees-that-squeeze-renters

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New York City Council Votes to End Broker Fees Squeezing Renters

  * Bill requires landlords pay agents they hire, sparing tenants
  * Upfront costs hamper renters' mobility, council member says

The measure would ban a practice that's rare among cities in the US
and has helped make renting in New York so expensive. 

The measure would ban a practice that's rare among cities in the US
and has helped make renting in New York so expensive. 

Photographer: Jeenah Moon/Bloomberg
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By Paulina Cachero and Nacha Cattan
November 13, 2024 at 9:00 AM EST
Updated on
November 13, 2024 at 3:26 PM EST
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New York renters would no longer be on the hook for costly broker
fees when signing a new apartment lease, under a measure passed by
the city council Wednesday.

The Fairness in Apartment Rental Expenses, or FARE, Act was approved
by a vote of 42-8 with no abstensions, enough support that Mayor Eric
Adams wouldn't be able to torpedo the effort. The bill requires
landlords who hire real estate agents to pay the agents' fees
themselves instead of passing them on to tenants.

 
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