NYC Broker Fees Could Be A Thing Of The Past Very Soon
Expensive NYC broker fees are a downfall to renting in our beloved metropolis, but it’s quite possible they’ll be a thing of the past — at least for potential tenants.
According to the Fairness in Apartment Rental Expenses Act (FARE) from Council member Chi Ossé, the payment responsibility will fall on those who are hiring the broker, which is most likely going to be the landlord.
Legislation states, “This bill would require an individual who is a representative or an agent of a property owner or a prospective tenant in a residential rental real estate transaction to collect fees charged in the transaction from the party employing the individual. The provisions of this bill would not impact the collection of fees by a landlord or property owner.”
And according to a video from Councilman Ossé on Wednesday, October 23rd, it’s possible the FARE act will pass on Wednesday, November 13th.
“Forced broker fees in New York City are dead in three weeks,” he said on X, formerly known as Twitter. “I wrote this bill over a year ago, and I’ve been fighting with the real estate lobby ever since. They’ve had unlimited financial resources to fight against us.”
Considering it’s believed that NYC rents are rising seven times faster than wages and less than 5% of NYC rents are affordable for the city’s average salary, this could be a welcome measure.
We still have several weeks before learning the potential outcome of the bill, which is still under review, according to the Council, but we’ll cross our fingers for a positive outcome that might lighten the burden of renting in NYC.
Should you be interested, we spoke to experts about five tips to winning a NYC affordable housing lottery, and the current Madison Avenue affordable housing lottery boasts $600 rents while a Gowanus affordable housing lottery boasts rents starting at $800.
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