broker fees

A lawsuit from the Real Estate Board of New York was the law’s final legal hurdle. The ban will take effect June 11.

The city’s consumer protection agency has proposed fines for brokers and property owners who violate the law.

The measure, which would require whoever hires a real estate broker to pay them, has received support from New York City labor unions.

Three years ago, New York was on the verge of limiting broker fees for prospective tenants. Why did a once-popular proposal to cap the fees vanish?

“There's a sense of urgency and desperation that I’ve never seen before."

Real estate agents who spoke to Gothamist/WNYC said they were now collecting higher commissions than they did before COVID, shouldered almost entirely by tenants.

For many renters, the announcement offered an unsatisfying conclusion to the dramatic and confusing 15-month saga around broker fees.

On Monday, New York Supreme Court Judge Michael Mackey judge issued a temporary restraining order halting last week's widely-celebrated ban on broker fees.

Multiple New Yorkers told Gothamist that they've been misled or outright lied to by real estate brokers in the days since the Department of State issued its guidance.

'It should be relatively easy to pursue.'