NYC passes law banning upfront broker fees for renters

Renters in New York City are getting some relief after the City Council passed the FARE act, banning heft upfront broker fees in most cases. The new legislation shifts the responsibility of broker fees to landlords unless renters hire a broker themselves. FOX 5's Morgan McKay has the story.

[nadinejoseph]

It’s not a real ‘cost’ to rent. The Landlords can pay it from their deposits. The US really over complicates the housing rental market and it’s routed in discrimination.

[paolacuello]

So people think 🤔 this is good. We New Yorkers can’t win they will get this fee from people no matter what. I don’t see the excitement

[djbregga]

If they are gonna make people pay it over time, I'd rather just pay it up front... Nobody wants higher rent.

[G-nyc]

Supply and demand are the basic fundamentals of economics regardless of how liberal are your politics. With a 1% vacancy rate in NYC, any smart landlord that hires a broker will only accept new tenants that hire that same listing broker. If you do not hire a broker in NYC, now you will not find any vacant apartments willing to rent to you. The only way around this is if the vacancy rate increases dramatically forcing landlords to need to become desperate for new tenants. That is not the current climate in New York City.

[SuperDexteroo]

If you're a short-time renter, this bill might workout for you. But if you're renting 2+ yrs, you'll probably be losing in the long run.

[PopCultureCarnivore]

These weirdos really want brokers fee for what? Why do we love to make each other's lives miserable

[ViktorE-hk]

brokers and realtors should not even exist its useless profession

[topgnetwork]

They pass this Law for the Migrants lmfao 🤣😂

[BilldoeTruth]

Discriminationshellter NYC Horror racist staff 😢

[reeeech]

so you rather not pay a one time fee, but pay higher monthly fees? SMH.