https://www.nytimes.com/2024/11/13/nyregion/new-york-city-broker-fee-city-council.html

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New York|New York City Council Approves Bill Shifting Broker Fees to
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https://www.nytimes.com/2024/11/13/nyregion/
new-york-city-broker-fee-city-council.html

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New York City Council Approves Bill Shifting Broker Fees to Landlords

The City Council approved a bill on Wednesday that would curb a
loathed New York City real estate practice: making renters pay
thousands of dollars in broker fees.

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An aerial view of Manhattan from Chinatown.
Moving into an apartment in New York City can easily cost more than
$10,000 in upfront costs, including the broker fee, security deposit
and first month's rent.Credit...Karsten Moran for The New York Times
Emma G. Fitzsimmons

By Emma G. Fitzsimmons

Nov. 13, 2024Updated 3:29 p.m. ET

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 approved a bill on Wednesday to shift the cost of
broker fees to landlords in most cases.

The bill's sponsor Chi Osse, 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. Osse said. "Democrats will prove we can tackle affordability. And
the voters will see that government can work for them."

Image
Councilman Chi Osse has talked about how difficult it was for him to
find an affordable place to live.Credit...James Estrin/The New York
Times

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