This is a great development. I know people will argue the cost will merely be passed on as higher rent, but those people do not know what it is like to live check to check and have to come up with a huge lump sum of cash. www.nytimes.com/2024/11/13/n... - ThreadSky

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polgreen.bsky.social • 111 days ago

This is a great development. I know people will argue the cost will merely be passed on as higher rent, but those people do not know what it is like to live check to check and have to come up with a huge lump sum of cash. https://www.nytimes.com/2024/11/13/nyregion/new-york-city-broker-fee-city-council.html

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madamehardy.bsky.social•111 days ago

Yesss. Oh, the poor mom-and-pop small-business brokers, whatever will they do?

hendi35.bsky.social•111 days ago

It also matters that the fees will now be paid by the party with the power to actually negotiate with brokers--landlords who are repeat players--and can force them to take a lower number.

darldombannon.bsky.social•111 days ago

How will higher rents keep people from living check to check though?

allidesire.bsky.social•111 days ago

the cost will be passed to renters as a broker fee for needing to hire a broker to get access to apartments

jaykaydee.bsky.social•111 days ago

Yeah I'm skeptical - I think it's at least as likely to persuade some landlords to keep current tenants longer rather than incur the added expense of replacing them.

klm.bsky.social•111 days ago

that's also good

jaykaydee.bsky.social•111 days ago

Right!

klm.bsky.social•111 days ago

I misunderstood the direction of your skepticism

jaykaydee.bsky.social•111 days ago

Ha no worries!

david.noll.org•111 days ago

It also shifts the bargaining dynamics vis-à-vis brokerages. A renter has little ability to negotiate the fee down. Most landlords are repeat players with the power to demand lower fees, so this promotes competition over fees.

meeper444.bsky.social•111 days ago

Those commissions will just boost the rents to cover them, then the renewed rent the next year will be based off that higher rent.

Until you eliminate the brokers their cost will be a a part of NYC rental housing.

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