NYC Council Debates Shifting Broker Fees from Renters to Landlords

Proposed legislation aims to reduce upfront costs for tenants, sparking concerns among real estate brokers about potential market disruptions.

The bill would require landlords to pay broker fees if they hire the broker, shifting the financial burden away from tenants.
Renters currently face high upfront costs, including broker fees that can amount to 15% of annual rent.
Real estate brokers argue that the change could lead to higher rents and fewer available apartments.
Supporters believe the measure will make moving more affordable and accessible for low- and middle-income renters.
Previous attempts to regulate broker fees in NYC have faced legal challenges and opposition from the real estate industry.