On November 13, the City Council passed a bill making landlords responsible for broker fees for most leases, which many tenants and rights groups have deemed unfair.
Broker fees, often amounting to one month’s rent or 15% of annual rent, have placed significant financial burdens on new tenants, particularly those relocating to New York.
Before online rental platforms, brokers were essential in connecting tenants to landlords. However, many tenants now handle this process online and never meet their brokers.
The real estate industry argues that the bill could lead to increased rents, while supporters believe it addresses longstanding tenant exploitation related to broker fees.
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