New Yorkers awoke yesterday to the unexpected and delightful news that state regulators had banned broker fees for renters.
The fees, as high 15% of the annual lease, are major obstacles to moving.
Alexandria Ocasio-Cortez posted a celebratory tweet, saying that the move, “would save working people thousands of dollars per move.”
Lower down in its article, the Times noted that brokers can still collect a fee if its “paid by the landlord.”
Landlords didn’t wait around.
By the end of the day I noticed four online properties in Tribeca, one of the city’s hottest neighborhoods, had raised prices between 4.9% and 8%.
The Web sites also added tags saying: NO FEE.
The day before those properties had fees attached.
Of course, unlike one-time brokers fees, those prices re-occur every month.