Council Member Osse's bill to change rental broker fees will challenge brokers' compensation and shift costs to renters, potentially raising rents for thousands of New Yorkers.
The legislation changes how brokers get paid; if they advertise a listing, it's assumed the owner will pay them, ignoring the reality that many brokers aren’t retained.
This will negatively impact small property owners who rely on brokers for effective marketing, leading to higher barriers for potential tenants and an uneven rental landscape.
Without the assurance of being compensated for their work, many brokers may cease advertising apartments altogether, exacerbating the rental crisis and hurting overall market options.
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