A
long-awaited bill in New York City that aims to shift the burden of rental broker fees from tenants to landlords has taken a significant step forward. The legislation, championed by Council Member Chi Ossé, landed on the Democratic conference agenda for the New York City Council on Tuesday. This development is seen as a positive sign for the bill's chances of passing, given that nearly two-thirds of the council already supports it.

    The bill would require landlords to pay rental broker fees, which currently fall on tenants and can be up to 15% of their annual rent. The real estate industry has opposed the measure, arguing that it would reduce brokers' incomes and lead landlords to increase rents. However, Ossé counters that landlords cannot significantly raise rents at rent-stabilized apartments and that market forces will still dictate prices elsewhere.

    The latest version of the bill includes additional tenant protections and expanded enforcement powers for the Department of Consumer Affairs. This iteration may be harder to stop than previous attempts, as some brokers are now accepting the likelihood of the bill's passage. The legislation has been a topic of discussion among elected officials for years, with previous proposals failing to gain traction.