Remember this guy? Rent. It's too damn high. Well, the New York City Council just passed a bill that could help with this. Now, landlords will have to pay the broker's fee, not the renters. And unlike most places in the country, New Yorkers shell out up to 15% of the first year's rent to the broker. That's on top of the security deposit and first month's rent. On average, New Yorkers pay about $13,000 in upfront costs. And New York City's vacancy rate is at 1%. That's the lowest in 50 years. And the average price for a rental here in New York City, $3,500. But opponents say that the landlord is just going to bake the broker's fee into the rental price, pushing prices even higher. But for many New Yorkers already grappling with inflation, this bill is welcome news in an unaffordable city and a pretty unaffordable rental market for many.
CNN's Vanessa Yurkevich explains the bill just passed by the New York City Council that could help renters' pockets.