NYC Council: Veto-Proof Supermajority Passes Broker Fee Overhaul

By a vote of 42-8, a veto-proof supermajority of the New York City Council passed Councilmember Chi Ossé (D-Bed-Stuy)'s Intro. 360 to ban broker fees in their current form, a bill strongly opposed by NYSAR and REBNY.

"Tenant groups and elected officials have been trying to eliminate the fee for years. They nearly accomplished it before the Real Estate Board of New York successfully sued to block a state-level measure capping broker fees four years ago. REBNY, an industry trade group representing brokers and the large firms that employ them, has opposed the current legislation, arguing it will cost landlords more and compel them to raise rents to cover the fees," reported WNYC's Gothamist.

Mayor Eric Adams' (D) next move has been hard to read: “'The bill has the right intentions,' the mayor said in a press conference. 'But sometimes good intentions do not get the results you’re looking for.' Before the vote, Council Speaker Adrienne Adams (D) said she was 'surprised' by his concerns about the legislation. 'We worked together with the administration with this bill,' she said. 'They raised no major issues.'"

"At least one influential strategist is now launching a campaign to pressure the mayor to not veto the bill. Bradley Tusk, an investor and former campaign manager for former Mayor Michael Bloomberg, told Gothamist he will spend $10,000 on a digital ad campaign urging young people to contact Mayor Adams about the bill."