NYC renters could be spared costly broker fees under new City Council bill

[Kamaji]

NYC renters could be spared costly broker fees under new City Council bill

By Rich Calder
June 24, 2023

Big Apple residents would no longer be forced to spend small fortunes on broker fees just to rent an apartment under new legislation being considered by the City Council.

The bill, introduced Thursday by Brooklyn Councilman Chi Ossé, a Democratic socialist, doesn’t eliminate broker fees but rather shifts the responsibility of payment to whichever party hires the broker, whether it’s the tenant or landlord.

Currently, tenants in most cases end up paying broker fees – which typically run at least the same as a month’s rent — when moving into a new rental, even if the landlord hired the broker.

This makes renting an apartment an expensive nightmare for many New Yorkers because landlords usually want the first month’s rent and another one or two months as a safety deposit up front — on top of the broker fees.

One broker last year pocketed a whopping $20,000 fee after renting off a cheap Upper West Side one-bedroom pad that was rent stabilized for a mere $1,725 a month.

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Source:  https://nypost.com/2023/06/24/nyc-renters-could-be-spared-costly-broker-fees-under-new-city-council-bill/

[DefiantMassRINO]

So, the "boker fees" are a bounty for rent-controlled/rent-stabilized apartments?

[Kamaji]

So, the "boker fees" are a bounty for rent-controlled/rent-stabilized apartments?

Basically, yes.