Following the enactment of a new law prohibiting landlords from charging tenants broker fees, there are concerns about its efficacy as broker fines appear insufficient. The typical broker fee can reach thousands, particularly burdening renters in New York City's competitive market. While the law promises to significantly decrease moving costs for tenants, the fines for noncompliance—starting at $750—are perceived as low, potentially undermining the law's intended protections. Additionally, a lawsuit from REBNY questions the law's constitutionality and its implications for brokers' rights.
The fines imposed for charging illegal broker fees seem low compared to the substantial amounts that tenants are accustomed to paying, challenging their deterrent effect.
While the law aims to alleviate financial burdens on tenants by lowering upfront costs, some critics are questioning its ability to effectively regulate broker practices.
Collection
[
|
...
]