New fee rule might spike New York rents

A KEY real estate organisation and other industry groups have asked a federal judge to block a New York City law that requires landlords to pay fees for the brokers they hire, saying the rule that goes into effect next month will increase rents and make it more difficult for lower-income tenants to find housing.

The Real Estate Board of New York (REBNY) and others, including the New York State Association of Realtors, sued the city in December over the rule, which forces property owners to pay for their brokers instead of passing those costs to their tenants, a longstanding practice that has perturbed renters for decades.