The New York City Council passed a landmark bill on Wednesday, aiming to relieve renters of paying hefty broker fees — a cost that will now fall on the party

The New York City Council passed, in a 42-8 vote, a bill that will put an end to forcing tenant-paid brokers fees, as the city looks for strategies to tackle the housing affordability crisis. Now, whoever hires the broker will have to pay their fees.

The New York City Council has outlawed the practice of landlords passing broker fees onto residential tenants in New York City.

The City Council considered a bill in 2019 that would have capped the fees at one month’s rent, but it stalled after brokers packed City Hall to oppose it. And state regulators banned the fees outright in 2020, only for that policy to be overturned following a lawsuit by REBNY.

The City Council approved a bill on Wednesday that would curb a loathed New York City real estate practice: making renters pay thousands of dollars in broker fees. The post New York City Council approves bill shifting broker fees to landlords appeared first on Boston.

The New York City Council passed a bill Wednesday to have NYC landlords pay for broker fees, instead of tenants.

Tenants searching for an apartment in New York City have long been forced to pay thousands of dollars to real estate brokers

New York is one of the few cities where tenants paid broker fees instead of landlords. Mandatory broker fees, an unusual feature of New York City apartment hunting long reviled by renters, will be banned under legislation that passed Wednesday after overcoming fierce backlash from the city’s real estate lobby.

The City Council overwhelmingly approved a bill Wednesday that would largely shift the cost of broker fees to landlords, in a hit to the real estate industry.