The City Council approved a bill on Wednesday that would curb a loathed New York City real estate practice: making renters pay thousands of dollars in broker fees. The post New York City Council approves bill shifting broker fees to landlords appeared first on Boston.

New York is one of two cities that requires renters to pay for these services; the other is Boston. Typically, such broker fees range from 10% to 15% of a tenant’s annual rent; in a city where the average monthly rent is currently $3,898 per month, renters often must pay several thousand dollars just to move.

The New York City Council passed a bill Wednesday to have NYC landlords pay for broker fees, instead of tenants.

On Wednesday, the New York City Council approved a bill that would shift the financial burden of broker fees from renters to landlords.

New York is one of the few cities where tenants paid broker fees instead of landlords. Mandatory broker fees, an unusual feature of New York City apartment hunting long reviled by renters, will be banned under legislation that passed Wednesday after overcoming fierce backlash from the city’s real estate lobby.

The broker fee, long a bane of New York City renters, just got voted out. The New York City Council passed a bill Wednesday requiring landlords to pay fees for brokers they hire to list and show apartments.

New York renters would no longer be on the hook for costly broker fees when signing a new apartment lease, under a measure passed by the city council Wednesday.

The City Council overwhelmingly approved a bill Wednesday that would largely shift the cost of broker fees to landlords, in a hit to the real estate industry.