New York City has some of the highest housing costs in the US. In addition to sky-high rents, tenants often have to pay a fee to a real estate broker when they sign a new lease — whether they hire them or not. But that’s about to change.

Today on the show, host Sarah Holder speaks with City Councilmember Chi Ossé about the passage of his bill that will eliminate upfront broker fees for most renters, and hears from supporters and opponents of the legislation. And Bloomberg reporter Paulina Cachero unpacks what the effort could mean for New York’s renters.

Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll get episodes of this podcast ad-free and unlock access to deep reporting, data and analysis from reporters around the world.

See omnystudio.com/listener for privacy information.