New York City renters can now bid farewell to broker fees. The City Council voted 42-8 to pass a bill prohibiting brokers from charging fees to renters when representing a landlord exclusively. Violators face fines of up to $2,000. This shifts the cost of broker fees—typically one month’s rent—from renters to landlords if the landlord hires the broker. Fees remain the renter’s responsibility only if they hire the broker.
*Article courtesy of Commerical Observer
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