Legislation would require landlords in New York City to pay broker fees, a departure from the current norm where tenants bear this burden. The proposal seeks to address the longstanding issue of tenants shelling out large sums to brokers, even when hired by landlords.
Renter Agustina Velez emphasized the unfairness of tenants bearing broker fees, stating that in most scenarios, the entity hiring the service should cover the costs. This proposed change aims to hold landlords accountable for the services they utilize.
Real estate industry opposition to the legislation is significant, with brokers warning of potential chaos in the rental market and financial implications for their livelihoods. Concerns arise over landlords passing on costs to tenants through higher rents or withdrawing properties from the market.
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