NYC Council Broker Fee

The New York City Council’s broker fee bill, which aims to shift the burden of broker fees from renters to landlords or property owners, will receive a hearing. The bill, reintroduced by Council Member Chi Ossé, has garnered strong support with over half of the City Council co-sponsoring it. The legislation proposes transferring the responsibility of paying broker fees, typically around 15% of a tenant’s annual rent, to the party that hired the broker, often the landlord. While the Real Estate Board of New York may oppose the bill, supporters argue it would provide fair compensation for brokers without burdening tenants with increased costs.