{"id":234,"date":"2024-06-11T16:17:00","date_gmt":"2024-06-11T16:17:00","guid":{"rendered":"https:\/\/council.nyc.gov\/shaun-abreu\/?p=234"},"modified":"2024-06-17T14:34:50","modified_gmt":"2024-06-17T14:34:50","slug":"patch-nyc-broker-fee-bill-will-get-committee-hearing-this-week-heres-when","status":"publish","type":"post","link":"https:\/\/council.nyc.gov\/shaun-abreu\/2024\/06\/11\/patch-nyc-broker-fee-bill-will-get-committee-hearing-this-week-heres-when\/","title":{"rendered":"Patch: NYC Broker Fee Bill Will Get Committee Hearing This Week: Here’s When"},"content":{"rendered":"

Read the full article here.<\/a><\/p>\n

By Nicole Rosenthal<\/strong><\/p>\n

NEW YORK CITY \u2014 A New York City Council bill set to ease the burden of expensive broker\u2019s fees for renters is slated to get a hearing this week.<\/p>\n

The bill, dubbed the Fairness in Apartment Rental Expenses Act (Intro 0360<\/a>), would amend the city\u2019s administrative code and require the individual hiring a broker, be it tenant or landlord, to foot the broker\u2019s fee.<\/p>\n

Currently, tenants typically pay the fee, even if the landlord is the one that hired the broker. The measure would protect tenants who did not hire a broker from footing the broker’s bill, which is estimated to be equal to about two months\u2019 rent, per OpenIgloo.<\/a><\/p>\n

The legislation, which was introduced in February by Brooklyn council member Chi Oss\u00e9, is set to get a Wednesday hearing before the Council\u2019s committee on consumer and worker protection at 10 a.m.<\/p>\n

\u201cThis bill is common sense,\u201d Oss\u00e9 said in a statement. \u201cIn every other transaction, the party who hires a service pays for the service. New York is unique among major cities in America in having tenants often paying the fee for a broker\u2019s services. This bill is simple and fair in assigning that cost to whoever sought the service.”<\/p>\n

The council member added that, even if some portion of the broker\u2019s fee cost were passed onto tenants as rent, \u201cit would be distributed over the course of 12 or 24 months, alleviating the prohibitive upfront costs.\u201d<\/p>\n

New Yorkers paid an average $10,454 in 2023 on upfront rental moving costs (up 29 percent from 2019) including broker’s fees, according to StreetEasy<\/a> data.<\/p>\n

Broker fees also wouldn\u2019t be restricted or capped under the bill, and brokers will continue to charge for their services, Oss\u00e9 said. If approved, the legislation would take effect after 60 days.<\/p>\n

\u201cFinding an affordable apartment in New York City is a nightmare \u2014 and the towering cost of rent is just the beginning,\u201d Council Member Shaun Abreu said in a statement. \u201c If we are serious about empowering tenants, tackling our affordability crisis, and protecting renters across this city, we must be united in defense of the FARE Act.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Read the full article here.<\/a><\/p>\n

By Nicole Rosenthal<\/strong><\/p>\n

NEW YORK CITY \u2014 A New York City Council bill set to ease the burden of expensive broker\u2019s fees for renters is slated to get a hearing this week.<\/p>\n

The bill, dubbed the Fairness in Apartment Rental Expenses Act (Intro 0360<\/a>), would amend the city\u2019s administrative code and require the individual hiring a broker, be it tenant or landlord, to foot the broker\u2019s fee.<\/p>\n

…<\/p>\n

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