Instead of upfront, they will pay it monthly.”But state laws limit how much rents can be raised in New York City’s roughly 1 million rent-regulated apartments. Tenant advocates cheered the new broker fee rule, saying it helps tilt an uneven real estate playing field. “These are important tenant protections and it’s about time we had them,” said Michael McKee, treasurer of the Tenants PAC. But unlike most cities in the United States, landlords often choose not to work directly with renters or market their units on their own. The rent laws passed in June also capped security deposits at one-month’s rent, further diminishing the lump sum amount renters typically must pay before being given keys to an apartment.

Source: New York Times February 05, 2020 23:16 UTC