NEW YORK (PIX11) – A bill being considered by City Council would update the rules for real estate broker fees, requiring payment from the party who hires the broker.
Supporters said existing laws unfairly require tenants to cover broker fees, even when they haven't hired them. The current rules also require no cap on the fees.
The bill, known as the Fairness in Apartment Rental Expenses Act, has gotten pushback from real estate lobbyists and powerful trade groups, including the Real Estate Board of New York.
Opponents suggested the change would lead to higher rents from baked-in fees. Supporters, including the union DC 37, called the legislation "common sense."
Erin Pflaumer is a digital content producer from Long Island who has covered both local and national news since 2018. She joined PIX11 in 2023. See more of her work here.
Article From:
pix11.com
English (US) ·