The City Council approved a bill on Wednesday that would curb a loathed New York City real estate practice: making renters pay thousands of dollars in broker fees.
There are many costs associated with living in an increasingly expensive New York City, but the broker fee might be the most detested one.
Moving into an apartment in the city can easily cost more than $10,000 in upfront costs, including a security deposit, first month’s rent and a fee paid to the broker. The fee is typically more than one month’s rent, and right now the median rent is roughly $3,400.
The bill’s sponsor Chi Ossé, a progressive City Council member from Brooklyn, said that President-elect Donald J. Trump’s victory showed the urgent need for Democrats to address concerns over the cost of living.
“A cruel and unfair system that has persisted for decades will end,” Mr. Ossé said. “Democrats will prove we can tackle affordability. And the voters will see that government can work for them.”