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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 ...
Such broker fees were previously banned in 2020 under a package of renter protection laws passed by the state. But they were quickly reinstated following a lawsuit led by the Real Estate Board of New York. Brokerage firms estimate that roughly half of the city’s apartments require a tenant-paid broker fee.
The hefty one-time payments, known as broker fees, are ubiquitous in New York but nearly unheard of anywhere else. In most other cities, landlords cover the commission of agents working on their ...
Currently, a home seller is essentially locked into paying a brokerage fee for listing their property on a multiple listing service, or MLS — usually 5% or 6% depending on their geographic area.
East New York: 19 8 and 14 1,586 June 30, 1958: Long Island Baptist Houses: East New York: 4 6 233 June 30, 1981: Louis Heaton Pink Houses: East New York: 22 8 1,500 September 30, 1959: Marcus Garvey Houses Brownsville: 3 6 and 14 321 February 28, 1975: Marcy Houses: Bedford-Stuyvesant: 27 6 1,705 January 19, 1949: Marcy-Greene Avs. Houses ...
In New York City, apartments in single and two-family homes became deregulated after April 1, 1953. Cities and towns outside New York City were given permission to deregulate when ready. The most expensive luxury apartments in New York City began to be deregulated starting in 1958.
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