New York renters can say goodbye to broker fees
NEW YORK — Broker fees are now a thing of the past for New York renters.
They were effectively eliminated late Tuesday, as was reported in The Real Deal. The change is part of laws passed in 2019 designed to protect tenants.
"The Department of State recognizes that the Statewide Security and Tenant Protection Acts of 2019 has already had a significant and sweeping impact on housing markets throughout the state," a spokesperson for New York's State Department said. "The updated guidance continues to interpret the laws according to their plain meaning and consistent with the way they were intended to be applied -- which is to provide the strongest possible set of protections to tenants."
Brokers can still collect fees from landlords