The Real Deal reported that New York City Council member Chi Ossé plans to introduce new legislation this week. The bill seeks to cut rental broker fees and pass it on to landlords. In an email to its members, The Real Estate Board of New York (REBNY) cautioned that the bill would limit commissions and urged members to reach out to their representatives. - Though the exact details of the bill are not clear yet, The Real Deal expects it to be similar to a bill from 2019.
- The city lawmaker tweeted that the bill is fair and simple. He added that there are no caps on broker fees, and brokers could continue getting paid by whoever hires them.
- The REBNY commented that the legislation wrongly punishes real estate agents for housing shortages and rising rents.
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