February 7, 2020 Comments Off on REBNY Slams NY State’s Move on Rental Broker Fees Views: 593 New York News, Top New York

REBNY Slams NY State’s Move on Rental Broker Fees

In a surprise move, New York State has eliminated mandatory fees to landlord agents by apartment renters. The ruling from the New York Department of State, which takes effect immediately, puts the onus for paying the fees on landlords.

The Department of State made the ruling in accordance with the Housing Stability and Tenant Protection Act of 2019, signed into law by Gov. Andrew Cuomo last year.

“The updated guidance continues to interpret the laws according to their plain meaning and consistent with the way they were intended to be applied,” the agency said in a statement.

Although published reports quoted tenant advocacy groups as welcoming the move, the Real Estate Board of New York slammed it. “The Department of State must rescind its guidance on rental brokerage commissions,” said REBNY president James Whelan. “We are exploring every avenue, including pursuing prompt legal action.”

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