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Real-estate brokers can no longer impose a fee on New Yorkers when they rent an apartment, the state says.
The ruling—made in legal guidance dated Jan. 31 and effective immediately—is a victory for renters who until now often have paid upfront broker costs, along with their security deposit and first month’s rent, that have made living in New York City increasingly expensive.
It marks the latest move by New York state to enact rules more favorable to tenants, and follows last year’s stricter rent-regulation law that made it much more difficult for landlords to upgrade and convert rent-stabilized units into market-rate apartments.
The practice of charging tenants to get access to a rental apartment isn’t common in most U.S. cities.
An expanded version of this story appears on WSJ.com
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