NYC Council weighs curbing broker fees for renting apartments. Brokers say 'no.'
New York City lawmakers could be on the verge of curbing broker fees for renters — and hundreds of leasing agents and their real estate backers are slamming the plan.
The dual rallies were organized respectively by the Real Estate Board of New York, a deep-pocketed opponent of the legislation, and Councilmember Chi Ossé of Brooklyn, the bill's sponsor. They preceded a tense hearing where lawmakers clashed with real estate representatives as roughly 400 people signed up to testify on the latest effort to limit what critics say is
“The reality is, if this bill were to be passed into law, the fee still would be passed onto the renter,” said REBNY Vice President Ryan Monell. “If a landlord does bake it into the rent, many tenants would rather pay that over the span of 12 months or 24 months rather than saving multiple paychecks just to move into housing,”“This eliminates that expensive upfront cost and allows people to move into housing easier without having to save $10,000 just to move in.”
Tenants at City Hall Park said it’s well past time that the city axes a burdensome cost for renters who already face record-high rents.
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