New York state has banned landlords from forcing renters to pay hefty broker's fees in a legal decision that could upend real estate in America's biggest city
Broker's fees are a familiar source of distress to anyone who has tried to rent an apartment in New York City. Prospective tenants are often required by the landlord to work with a broker, who helps negotiate and facilitate the deal -- and charges an unavoidable fee.That one-time fee can be anywhere from one-month's rent to as high as 15% of the annual rent, which in New York translates to thousands of dollars.
"What the state legislature tried to do was mitigate a few things that required you to lay out that cash."Still, Murphy said, landlords may choose to raise rents to offset the loss of the middleman broker's fee. That will take time for the million New Yorkers who live in rent-controlled or rent-stabilized apartments.An apartment on Central Park just sold for $238 million.
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