Everyone in attendance was gathered to object to a New York City Council bill that would save tenants from having to pay fees to real estate brokers who were hired by landlords—i.e., brokers that tenants did not hire. In other words, it was a rally for keeping the fees on the backs of tenants.
New York City is one of only two cities in America that allow this practice, and during a time of skyrocketing housing costs, it has become an increasingly loathed, hard-to-explain payment—one that usually falls between 10 to 15 percent of the annual lease amount to the broker who shows the apartment. For example, if you rent a two-bedroom apartment in Brooklyn for $3,800 a month, you can expect to pay a $7,000 fee to someone who maybe only let you in to see the place and then handed you a lease to sign. The New York City Council bill, called Intro 360 and spearheaded by Bedford–Stuyvesant Councilman Chi Ossé, would force landlords, not tenants, to pay the brokers those landlords hire.
New York City is one of only two cities in America
Does anyone know offhand who the other city is? I tried to look it up, but didn’t know how to phrase it.
I want to say there’s something similar in Texas but it’s paid by the owner not the renter and only if you go through a realtor.
Tenants pating broker fees appears to be a New York and Massachusetts thing from a few minutes of digging around. Maybe just Boston.
Wow, I think you’re right. 8k to rent? Yikes