The New York City Council voted to approve Intro 360, known as the Fairness in Apartment Rentals Expenses act, which shifts the broker's fee responsibility to landlords.
Under the new law, landlords must pay broker fees if they hire the broker to list their property, eliminating the burden on tenants who don't hire them.
Landlords and their agents must disclose all upfront fees in listings and rental agreements, with penalties including fines of up to $2,000 for non-compliance.
The bill passed with a significant majority (42 to 8), providing a veto-proof margin against potential opposition from Mayor Eric Adams.
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