New York City has enacted a ban on broker fees, set to take effect on June 11, following a ruling by Judge Ronnie Abrams who dismissed multiple legal challenges from the Real Estate Board of New York. The ban, aimed at reducing the financial burden on renters, specifically targets fees typically charged by brokers hired by landlords, which can amount to significant sums. Although some argue this could lead to increased rents as landlords compensate brokers via higher monthly costs, supporters believe it will facilitate easier moves for renters, especially low-income individuals who are often deterred by high upfront costs.
'The remedy is through the political process, not in court,' said Judge Ronnie Abrams, emphasizing the city's right to implement laws that alleviate burden on tenants.
Opponents warn that the ban could lead to increased rents, as landlords may shift broker fees into overall rental costs.
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