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In New York, want to make cheaper rent apartments

On Wednesday, two members of the city council of New York presented a package of bills designed to make housing more affordable in one of the most expensive cities in the world.

Фото: Depositphotos

The bills of Council members, Democrats Keith Powers and Carlin Rivera, suggest limiting broker fees and insurance deposits, as well as setting standards for paying these fees to tenants.

According to the WSJ, mortgage deposits are often set at the monthly rent. However, some brokers require an advance payment significantly higher.

Also, the proposed bill spells out the requirements to fix the rent and make it "reasonable and predictable" for tenants.

“When you start calculating the rising cost of rent, taking into account commissions and security deposits, it becomes very expensive to move and people find it very difficult to find a new place to live,” said Powers, who represents part of Manhattan.

The WSJ adds: “Sometimes you have to pay five months at a time for rent before you go into a new home.”

According to the Wall Street Journal, bills will also allow tenants to pay bail in six monthly installments. Moreover, these deposits are offered to be returned to tenants within two months after the move, the publication says.

Now brokers must provide a detailed answer on what their fees are.

“With rental prices in New York hitting an all-time high, we need real solutions to save thousands of dollars for tenants,” Rivera said in a statement.

However, not everyone in New York is interested in the proposed bills. According to the Wall Street Journal, John Banks, president of the Real Estate Board of New York, has already said that such laws will interfere with many New Yorkers who make a living.

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