A new bill introduced by New York City Councilman Chi Ossé could alter the dynamics of rentals in the city by requiring whichever party hires a broker in a rental transaction to pay the broker.
The bill favors tenants, who have long chafed at having to pay broker fees, and shifts the burden to landlords in most cases. It has drawn controversy, with politicians expressing support and real estate professionals voicing mixed reactions.
Those in support of the Fairness in Apartment Rental Expenses (FARE) Act, also known as Intro 360, point to the historically low vacancy rates in New York’s housing market and the difficulties that lower-income New Yorkers face when looking for affordable places to live.
These hardships are severe even without broker fees that run as high as 15 percent of the total amount that renters agree to pay in a typical one-year lease, advocates say. […]
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