NYC passes law banning broker fees for renters
Renters in New York City are getting some relief after the City Council passed the FARE act, banning heft upfront broker fees in most cases. The new legislation shifts the responsibility of broker fees to landlords unless renters hire a broker themselves.
NYC Bans Tenant-Paid Broker Fees
New York is one of the few cities where tenants paid broker fees instead of landlords. Mandatory broker fees, an unusual feature of New York City apartment hunting long reviled by renters, will be banned under legislation that passed Wednesday after overcoming fierce backlash from the city’s real estate lobby.
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