What to Know About Broker Fees in New York City
4 days ago · Broker fees are upfront, one-time payments that are typically one month’s rent or up to 15 percent of the annual rent. Those fees, coupled with a security deposit and first month’s rent, mean ...
NYC bans unusual practice of forcing tenants to pay real estate brokers …
4 days ago · NEW YORK (AP) — 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. Under a system that exists in New York and almost nowhere else in the country, tenants are often ...
Bill to End Forced Rental Broker Fees Goes to Council Vote With …
6 days ago · Paying brokers’ fees to rent an apartment might just become a thing of the past for many tenants in New York City. The City Council on Wednesday is poised to pass a revised bill known as the Fairness in Apartment Rentals Act, which requires whomever hired the broker to …
NYC Council passes bill to end broker fees for tenants in veto …
5 days ago · The New York City Council passed, in a 42-8 vote, a bill that will put an end to forcing tenant-paid brokers fees, as the city looks for strategies to tackle the housing affordability crisis.Now ...
‘An Absolute Mess’: Brokers Assess the Shift in Fees
3 days ago · Mr. Kowalczuk, a broker, outlined a potential scenario for tenants under the terms of the new bill: For an apartment priced at $5,000 per month, a potential broker’s fee of 15 percent of the ...
New York City Council Approves Bill Shifting Broker Fees to …
5 days ago · 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. Moving into an apartment in New ...
Continuing Focus on Affordability for Renters, New York City …
4 days ago · Council also voted on bills authorizing Charter Revision Commission and establishing plant waste composting in city parks. City Hall – Today, the New York City Council voted to pass legislation that would reform broker fees to increase affordability for renters.New York City is in the midst of a housing and affordability crisis, with working- and middle-class residents struggling to keep up ...
NYC Council to vote on bill to banish broker fees
Oct 23, 2024 · The New York City Council is expected to vote on legislation that would prevent renters from being forced to pay broker’s fees at its next stated meeting on Nov. 13, according to the office of Council Member Chi Ossé, who sponsors the bill.
NYC Council Votes to End Broker Fees Paid by Renters - Bloomberg
5 days ago · November 13, 2024 at 12:26 PM PST. Translate. 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 ...
NYC broker fee law requires landlords to cover the cost, not ... - CBS News
5 days ago · NEW YORK -- Broker fees in New York City will be covered by landlords, instead of tenants, under a new law passed Wednesday by the City Council. The Fairness in Apartment Rental Expenses, or F.A.R ...