NEW YORK (1010 WINS) --Tenants in New York City will no longer have to worry about paying for broker fees when renting an apartment, as of Wendesday.
The state effectively eliminated those fees in an addendum to rent law changes in 2019.
Renters can shell out as much as 15 percent of fees in the annual lease, in addition to paying a security deposit and first month's rent.
These are usally all paid in one lump sum by tenants before they are able to move in.
Now it will be landlords that pay for broker fees, unless a prospective tenant hired them to help them find an apartment, according to the state's revised rules.
The Real Estate Board of New York, has threatened to challenge the rule in court.
"This is a dire issue with our members, so we are literally going through every single avenue," said Reggie Thomas, the board’s senior vice president for government affairs. "It’s an all-hands on deck thing because this came out of left field."