New York Hopes to Help Renters by Ending 'Forced Broker Fees'

New York's policymakers hope to change how broker fees work in NYC.Photo by(Nick Youngson/pix4free.org)

NYC remains one of the only cities where tenants must pay for a broker they didn't even hire

New York City — "New York City might finally curb broker fees for renters," Fitzsimmons wrote in a NY Times headline.

City Council hopes to transfer the cost of most border fees to the landlords, instead of to renters. New York City already has the highest cost of living in the nation, after all.

The last thing New Yorkers want to hear about is having to pay brokers they didn't even hire. But that's exactly the problem.

Depending on the market, broker fees can range from one month’s rent up to 20% of the yearly rent. As for brokers, who merely serve as "middlemen" between tenants and landlords, city councilmembers like Chi Ossé (D-Brooklyn) have seen enough.

Called the FARE (Fairness in Apartment Rentals) Act, this law would require the landlords who hire the broker to pay their fee. The tenant is merely looking for a place to live, after all, not looking to make a profit.

“This legislation will be particularly critical for our clients and low-income families for whom an exorbitant broker fees can prohibit them from moving into a new home,” Judith Goldiner of the Legal Aid Society said about the bill.

In short, councilmembers hope this bill will soon remove New York from being listed as one of the only cities where tenants must pay for a broker... a broker they didn't even hire.