NYC considers ending broker fees for tenants, angering real estate industry
By JAKE OFFENHARTZ
Associated Press
NEW YORK (AP) — A proposal seeking to eliminate a hefty price tag for New York City renters is drawing fierce opposition from the real estate industry. Currently, city renters are often on the hook to pay thousands of dollars in fees to brokers, even if they are hired by the landlord. The new bill would bar that practice, requiring whoever hires the agent to pay them directly. While renters have hailed the bill, the Real Estate Board of New York has warned it could have major unintended consequences in New York City’s expensive housing market. New York Mayor Eric Adams has taken no position on the bill.
