New York needs to kill the broker fee. RossBarkan writes on how the state can defeat the real-estate lobby and join the rest of America
Photo-Illustration: Intelligencer; Getty Images For a brief moment in New York City, shortly before the devastating outbreak of COVID, renters were granted a rare and unexpected gift.
The Department of State had interpreted a provision of the sweeping housing package that passed the State Legislature in 2019, which was the first in decades to grant significant new protections to tenants. Less than a year later, it appeared city renters had been handed the equivalent of manna from heaven, a way to potentially save thousands of dollars while apartment-hunting.
Tenants in San Francisco, Chicago, Nashville, and almost anywhere else do not pay anyone to show them an apartment — Boston, industry observers agree, is one of the last broker’s-fee holdouts with New York. Landlords and management companies pick up the expense. While buying or selling an apartment is a complex process that requires the involvement of multiple brokers, renting in the internet age is rather simple.
Brokers and landlords have all the leverage now. And until the law changes in Albany, that will continue to be the case. Pressure on rentals should ease a bit in the fall, as fewer summer interns and seasonal workers scoop up apartments, but the city’s supply is still limited enough — the city must build a lot more housing — to keep demand high. The growth of remote work has attracted more affluent renters who want to live in the five boroughs.
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