NYC broker fee bill set for Council committee hearing on Wednesday
A New York City Council proposal that would change the way landlords and tenants pay real estate broker fees will be up for debate at a committee hearing on Wednesday.
The bill would not ban or cap broker fees, Ossé said. Prospective tenants are often hit with the fees when they sign leases for homes in the city, and the fees usually range from one month's rent to about 15% of the annual rent. Sometimes, though, they are "Every day these workers have to make tough financial decisions in order to make ends meet,” said Stuart Appelbaum, the union's president, in a statement. “The FARE Act would help reduce one burdensome and unnecessary cost placed on tenants: broker fees."
"Nearly every major U.S. city enforces this basic principle — except for New York City," he said in a statement. "It's time to change that by passing the FARE Act," Abreu said in a statement. "I am proud to stand with tenants, with labor, and Council Member Ossé to usher in a better housing policy for our city — one that protects tenants, ensures fairness in the renting process, and makes housing more affordable.
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