They Wanted the Apartment. Then the Broker Asked for a $2,850 Fee.

“We encourage all actual property licensees to observe the legislation,” mentioned James Whelan, the president of the Actual Property Board of New York, which represents landlords, builders and brokers. “REBNY conducts intensive trainings and outreach to make sure that our members are up-to-date on all legal guidelines.’’

The far-reaching overhaul to New York’s lease legal guidelines has been heralded by housing activists as a major victory for renters and has made the state a nationwide chief in defending tenants. There are indicators it’s already shifting the panorama, akin to lowering evictions within the metropolis.

The legal guidelines, delivered by a Democratic takeover in Albany, marked a momentous shift in energy away from the highly effective actual property trade.

With the ascent of progressive Democrats, the pendulum was pushed decidedly in favor of renters.

However in observe, it has not at all times labored out that approach.

Not like another American metropolis, brokers in New York Metropolis wield close to monopolistic energy over the rental market. They management listings, viewings and signings, and the brand new legal guidelines didn’t chip away on the brokers’ stranglehold.

That shortly grew to become clear to Madeline Anthony and her boyfriend, Morgan Hirsh, in late December.

After a one-bedroom condo in Williamsburg, Brooklyn, they informed the owner’s dealer that they had been able to submit an software. It required a $5,700 fee to cowl the primary month’s lease and a safety deposit, each of that are commonplace in leases and nonetheless allowed below the brand new guidelines.

However the landlord imposed one other demand: a deposit for the ultimate month’s lease, elevating the full to $8,550. Nevertheless, the lease legal guidelines clearly state {that a} deposit can not embrace each final month’s lease and a safety fee.

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