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.

tag:reuters.com,2024:binary_RC26Y5AZTV2L-BASEIMAGE

PIX 11

New York

United States

NYC broker fee bill could lead to higher rents, mayor says

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

Ad Fontes Media

All Sides

Media Bias/Fact Check

The Independent

Evgeny Lebedev

London

Greater London

England

United Kingdom

Mandatory broker fees to be banned in New York City, easing the burden on renters

Tenants searching for an apartment in New York City have long been forced to pay thousands of dollars to real estate brokers. That was true even if that person was

Associated Press News

Independent Media

NYC bans unusual practice of forcing tenants to pay real estate brokers hired by landlords

In New York, tenants are often forced to pay commission of a real estate agent before moving into an apartment, even if that agent was hired by the landlord.

Hindustan Times

HT Media

New Delhi

Delhi Division

Delhi

India

abc News

The Walt Disney Company

NYC bans forcing tenants to pay real estate brokers hired by landlords

In a city where two-thirds of households are renters, the proposed changes are widely popular.

South China Morning Post

Alibaba Group

Hong Kong

New York City bans forcing tenants pay brokers hired by landlords

The City Council voted overwhelmingly Wednesday to pass a bill banning landlords from forcing tenants to pay broker fees, though Mayor Adams has voiced concerns about the measure and could veto it. The bill, which has been sharply opposed by the city’s real estate industry, would require whoever hires a broker to pay the fees the broker charges to facilitate an apartment rental. Under current laws, landlords can — and often do — hire brokers and…

NY Daily News

Alden Global Capital

NYC Council bars landlords from passing broker fees onto tenants in face of Adams’ skepticism

NEW YORK (PIX11) – A New York City Council bill that will shift the burden of paying broker fees to landlords could have “unintended consequences” that lead to higher rents, Mayor Eric Adams said. The New York City Council passed a bill on Wednesday that requires landlords to pay the fee when they hire a real estate broker to market their properties. Right now, renters generally pay the broker fee upfront, instead of the landlord who typically h…

Mission Broadcasting

The Council passed the Fairness in Apartment Rentals Act, known as the FARE Act, with a veto-proof majority.

Advance Publications

Liberty Media

Capital Group Companies

The Vanguard Group

Mitsubishi UFJ Financial Group

Nippon Life

Meiji Yasuda Life

Norinchukin Bank

Resona Holdings

Sumitomo Mitsui Trust Holdings

Masayoshi Son

JPMorgan Chase

Citigroup

Baillie Gifford

City Council passes bill shifting brokers' fees from tenants to landlords

The City Council approved the FARE Act, a measure that requires whoever hires a broker to pay the commission.

The Real Deal

City Council ends “forced” tenant-paid broker fees; REBNY may sue

NEW YORK (AP) — 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. Under a system that exists in New York and almost nowhere else in the country, tenants are often forced to pay the commission of a real estate agent before moving into an apartment, even if that agent was hir…

Morning Sun

Pittsburg Publishing LLC

Pittsburg

Crawford County

Kansas

NYC bans unusual practice of forcing tenants to pay real estate brokers hired by landlords - The Morning Sun

NYC bans unusual practice of forcing tenants to pay real estate brokers hired by landlords

Coverage Details

Bias Distribution

Ownership

Similar News Topics

Similar News Topics