By Gianna D’Alessio
New York renters temporarily rejoiced on February 4, when the Department of State clarified language from 2019 housing laws, effectively banning broker’s fees in New York City. Broker’s fees, which are sums of money prospective tenants are asked to pay towards a broker’s commission, are a large expense to new renters and could cost as much as 12 to 15 percent of one year’s rent. This decision was long-anticipated, after Governor Andrew Cuomo signed the Statewide Housing Security & Tenant Protection Act of 2019 and the Housing Stability & Tenant Protection Act of 2019 on June 14, 2019.…