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This could be the year NYC addresses broker fees: Most of the City Council backs a bill that would shift them from tenants to landlords. The real estate business is fighting it.
In: Crain's New York Business, Jg. 40 (2024-03-11), Heft 10, S. 2
Online
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A bill that would shift broker fees from tenants to landlords in New York City has gained strong support in the City Council and has a decent chance of passing this year. Currently, tenants in NYC have to pay about 15% of their annual rent to the broker that listed their apartment, which is not common in other cities. The bill, introduced by Brooklyn lawmaker Chi Ossé, would require the fees to be paid by whoever hired the apartment's broker, usually the landlord. The real estate industry, represented by the Real Estate Board of New York (REBNY), is mobilizing against the bill, arguing that it would jeopardize brokers' incomes. The bill has received support from a majority of council members, and the new chair of the council's Committee on Consumer and Worker Protection has committed to holding a hearing. The bill's opponents claim that it would force landlords to pass on the new costs to tenants, but Ossé's office argues that rent-stabilized apartments would be protected from rent hikes, and any rent increases to market-rate apartments would be spread out over the lease term. The bill also has support from several labor unions. If passed, it would be a significant defeat for REBNY, which opposed the bill, and would mark a turnaround from the 2019 City Council push for tenant protections. [Extracted from the article]
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This could be the year NYC addresses broker fees: Most of the City Council backs a bill that would shift them from tenants to landlords. The real estate business is fighting it.
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Autor/in / Beteiligte Person: | Garber, Nick |
Zeitschrift: | Crain's New York Business, Jg. 40 (2024-03-11), Heft 10, S. 2 |
Veröffentlichung: | 2024 |
Medientyp: | serialPeriodical |
ISSN: | 8756-789X (print) |
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