According to this latest statement from the department, they most certainly are, and prospective tenants can now pay no more than $20 for anything—including credit and background checks—regardless of whether a broker is marketing the property or not.
DOS is calling the changes, as well as the other newly enacted regulations, “a sweeping and comprehensive collection of new provisions that strengthen tenant protections for all New Yorkers.” But others in the community worry about the trickle-down impact the regulations could have—on brokers, landlords and even tenants in some cases.
Andrew Barrocas, CEO of MNS—a New York City-based real estate brokerage—says landlords paid the commissions in 98% of his firm’s rental transactions last year. But that approach has historically not been the norm in New York City—and it could come with some serious hurdles for those looking to pivot.
For those residents, Compass broker Jed Wilder says, “Rents will go up. Now instead of paying a one-time broker fee, the fee will be added into the monthly rental price, a price that will continue to rise each year as it usually does in NYC and will be continued to be paid as long as the renter lives in that apartment.”
Fantastic!! So the landlords will just eat the cost and everyone will be happy!!
Welcome to your socialist utopia enjoy it you guys voted for it so live with it
What costs? For real.. I mean every other market seems to get by without a broker.. er just lay a credit check. You’ve got to be kidding me higher rent. There is nothing to roll in
TANSTAAFL
The tenants should not have to pay that period,even in the past the landlords should be responsible for that fee. Im just saying. Also I feel realtors should not have to be license in this field on rentals. Only minimum requirements/permits to protect transactions on rentals.
Rent will just go up.
DavidShuster Sorry to say, there is a black market in the NY real estate rental industry. I've known about it for over 40 years. This doesn't change anything. The fucking politicians are LYING as usual. And fucking Forbes doesn't give a shit about reporting FAKE NEWS
And he will simply roll them into the renter charges.
Stick it to them privately since the charge is public from a private entity.
They will just Add costs to a higher rent , this will make no difference !
Or can landlords not be lazy? Aside from Boston, most major cities like LA and SF don’t rely on brokers. Show an apartment or have a super do it. Run a credit check. It’s not hard.
In a market where properties are in demand, would not supply and demand see that resulting in higher rents ? Thus passing it back to the tenants in some form?
Why oh why won't anyone think of the poor landlords
From the landlord’s shoulders to the tenant’s shoulders! The truth & the whole truth!🇺🇸
Government literally is retarded...
Well at least they’re making it less expensive to get in the door with lower upfront costs.
Cost passed to renters. Higher rent.
Which will likely make the leases more expensive?
Still wouldn't live there, though.
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