NYC bill shifting broker fees to landlords overwhelmingly approved by city council

The Fairness in Apartment Rentals Act represents a substantial shift in the real estate landscape, transferring the burden of broker fees from tenants to landlords, in efforts to alleviate New York City's housing crisis.

Supporters, including Councilmember Chi Ossé, believe the bill updates a long-standing practice, aiming to alleviate financial burdens on tenants by changing how broker fees are handled.

Critics warn that while the bill's intention is to ease housing costs, it may inadvertently lead to increased rent as landlords adjust their pricing strategies to accommodate these new fees.

StreetEasy's Caroline Burton highlighted that necessary reforms are required to modernize the rental experience, making it comparable to practices across the country.

Read at New York Post