Since brokers would still be able to collect fees from landlords, experts said landlords would in many cases probably pass on those costs to tenants by increasing the monthly rent. But though owners of market-rate units might be able to pass on the cost to tenants, landlords of the city’s nearly 1 million rent-stabilized apartments would not. The real estate industry warned that many brokers could lose their jobs or stand to make less money. Tenants typically pay more, between 10 and 15 percent of the annual rent. Sarah Saltzberg, a broker who runs Bohemia Realty, a brokerage firm based in Harlem, said the public has a misconception about brokers.

Source: New York Times February 06, 2020 22:23 UTC