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New York City Council Votes to End Broker Fees Squeezing Renters

(www.bloomberg.com)
258 points JumpCrisscross | 3 comments | 13 Nov 24 21:38 UTC | HN request time: 0.606s | source
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anotherhue ◴[13 Nov 24 22:38 UTC] No.42130982[source]▶
Great, now bring back the congestion fee and we can say we live in a better city than we did last year.
replies(3): >>42130996 #>>42131283 #>>42131814 #
1. cyberax ◴[13 Nov 24 23:16 UTC] No.42131283[source]▶
LOL. The effect of this on prices: zero.
replies(2): >>42131320 #>>42132551 #
2. hooverd ◴[13 Nov 24 23:20 UTC] No.42131320[source]▶
Right, I doubt it lower prices but it will save people money on the buyer side. I don't know how you would lower prices in NYC other than building even more.
3. kelnos ◴[14 Nov 24 02:30 UTC] No.42132551[source]▶
That's the point. Rents should stay more or less the same, but now renters won't have to pay a bullshit fee up front.

Landlords can list their units on whatever listing sites/services for like $500 a pop, and renters won't have to pay $5k-$10k to a broker who did basically nothing for them.

Rents will not go up; rents are a function of what the market will bear, not of a landlord's costs.