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dinsdag 12 november 2024

WORLD WORLDWIDE US USA - New York NY - New York City NYC - THE CITY - An end to forced broker fees?

 

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Dear New Yorkers,

New York City and Boston are the only U.S. cities where tenants often pay for brokers they didn’t hire. For us, at least, that may soon be a real estate practice of the past.

Today, the City Council is expected to pass a bill called the Fairness in Apartment Rentals Act with a veto-proof majority.

The bill states that a broker who publishes a listing for a property for rent is to be paid by the landlord. It also requires the landlord or broker to disclose all fees tenants pay up front. 

Failure to comply comes with penalties.

The bill’s advocates say it will result in more affordability for tenants contending with a red-hot rental market and historically low vacancy rate. But real estate groups have opposed it, saying the measure will ultimately hurt tenants and throw the housing market into disarray. 

Read more here about the broker fees bill.

Weather ☀️

Cooler and dry today, with lots of sun and wind. High temperatures are in the mid-50s.

MTA 🚇 

The Manhattan-bound 2 skips three stops in Brooklyn overnight, and more. Find all the MTA’s planned changes and the latest delays here.

Alternate side parking 🚙 

It’s in effect today, Nov. 12.

Our Other Top Stories

  • On the latest episode of FAQ NYC, the hosts discuss how New York politicians are scrambling to anticipate the impact of a second Donald Trump presidency on the city — starting with mass deportations. Listen here.

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Things To Do

Here’s what’s going on around the city this week.

THE KICKER: Today’s the day — if you’re a building with fewer than 10 units, that is! New rules are going into effect across the city that require small residential buildings to set out garbage in bins with tightly fitting lids, instead of just in trash bags. The idea is to make things harder for the rats. There are more garbage measures coming, so check out THE CITY’s guide to the new containerization rules.

Thanks, as always, for reading. Make it a great Tuesday.

Love,

THE CITY

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