1426 - New York City’s Real Estate Brokerages Could to Be Destroyed By a New Law by Jeff Vasishta

BiggerPockets Daily

The New York real estate industry is fuming. New legislation might force landlords to pay the hefty broker’s fees that tenants have traditionally paid to real estate companies.

Should the law pass, many landlords might skip brokerages to preserve their cash flow. They won’t get much sympathy from tenants, though. With soaring New York rental prices and the city caught in an affordability crisis, renters are struggling to pay the sky-high fees brokers charge—usually 10% to 15% of the annual rent, not including a security deposit and first month’s rent.

Keep reading the article here: https://www.biggerpockets.com/blog/new-nyc-law-would-end-broker-fees

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