New York City is implementing a new law that bans upfront broker fees for apartment seekers, which often burden tenants with significant financial costs. Effective this week, tenants will no longer need to pay brokers unless they hire them directly, leading to potential savings that could reach thousands. The city's Department of Consumer and Worker Protection will oversee the enforcement of this law, including investigating complaints and penalizing violators. As the market adjusts, tenants are encouraged to report any illegal fee charges while the city anticipates positive changes in rental accessibility.
"We are excited to expand consumer protections for millions of renters, enabling them to access housing more affordably without the burden of upfront broker fees."
"The city's Department of Consumer and Worker Protection will field complaints and impose penalties against brokers and property owners who illegally charge fees to tenants."
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