New Yorkers no longer have to pay a broker's fee when renting an apartment

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CNN /  🏆 4. in US

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

New York City unveils new postpartum checks and home visits for 1st-time parentsBig maternal health changes are coming to New York City as officials announced that home visiting will be offered to new parents, from prenatal to postnatal stages.
Read more »

DHS Bans New Yorkers From Global Entry, Punishing State For Sanctuary LawsThe move came after President Trump railed against so-called "sanctuary cities" during his State of the Union address.
Read more »

Trump administration suspends enrollment in Global Entry for New YorkersFollowing a state law that allows undocumented immigrants to obtain driver’s licenses, the Trump admin. is suspending enrollment for New Yorkers in Global Entry and other Trusted Traveler Programs.
Read more »

New Yorkers kicked out of 'global entry' program because of immigration lawDHS kicks New Yorkers out of federal programs that allow certain travelers to speed through border checkpoints because of a new state law that paved the way for undocumented immigrants to apply for drivers licenses.
Read more »