New York City Council Passes Bill Shifting Broker Fees to Landlords
On November 13, 2024, the New York City Council passed a significant bill that shifts broker fees from renters to landlords. This legislation, known as the Fairness in Apartment Rentals Act, mandates that whoever hires the broker, whether the renter or the landlord, will be responsible for paying the fee. The bill, which passed with a 42-8 vote, is expected to take effect in 180 days. Proponents argue it will alleviate financial burdens on renters, while opponents fear it could lead to higher rents as landlords might incorporate these fees into monthly rents. The Real Estate Board of New York has expressed strong opposition, stating the bill prioritizes ideology over practical economic realities
