'New Yorkers Have Been Getting Ripped Off for Decades': NYC Council Ends Broker Fees For Tenants [Yahoo! Finance]
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Source: Yahoo! Finance
This means that renters in New York City will no longer have to pay broker fees, which can be up to 15% of their first year's rent. (Source: 'New Yorkers Have Been Getting Ripped Off for Decades': NYC Council Ends Broker Fees For Tenants, Benzinga.com) The City Council passed the FARE Act with a veto-proof majority of 42-8, citing that 'New Yorkers have been getting ripped off for decades and decades' with the old system. However, there are concerns that landlords may pass the costs to tenants through higher rents, although City Councilmember Chi Ossé argues that this would be illegal for rent-stabilized homes, which make up 47% of homes for tenants in New York City. (Source: 'New Yorkers Have Been Getting Ripped Off for Decades': NYC Council Ends Broker Fees For Tenants, Benzinga.com) The real estate industry strongly opposes the change, with Ashley Murphy, senior vice president at Brown Harris Stevens, stating that 'The FARE Act, while well-intentioned, is misguided' and that la
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