NYC Landlord Broker Fee Ban: Adams Caves to Council Pressure

A significant victory for NYC tenants! Mayor Eric Adams announced he won't veto a bill eliminating the practice of landlords forcing tenants to pay broker fees. While expressing reservations about potential unintended consequences like rent increases, Adams acknowledged the City Council's veto-proof majority.

<img src="https://i0.wp.com/www.nydailynews.com/wp-content/uploads/2024/12/54182041375_1fc11d504e_o.jpg?fit=620%2C9999px&ssl=1" alt="Mayor Eric Adams holds an in-person media availability at City Hall">

This decision comes after the City Council passed the legislation last month. The bill shifts the responsibility of paying broker fees to the party hiring the broker—almost always the landlord in rental situations.

Potential Impacts and Controversy

Adams voiced concerns that landlords might simply absorb the broker fees into higher rents, negating the intended benefit for tenants. He also highlighted the City Council's previous override of three of his vetoes since 2022. Despite his apprehension, the Mayor emphasized his desire to avoid further conflict, stating, "I won’t veto the bill."

Tenant Relief or Rent Hikes?

Supporters, such as Brooklyn Councilman Chi Osse, celebrate the bill as vital relief for working-class New Yorkers struggling with high rents. They argue rent increases are already regulated by law for many apartments. Osse stated simply, "I’m happy about it." The bill is set to become law in 180 days (Dec 13th, 2024).

The debate now shifts to whether this law achieves its goal of helping renters or inadvertently leads to increased rental costs.