Politics
No more broker fees for renters
Published on
The Department of State (DOS) has issued new legal guidance prohibiting any real estate agent acting on behalf of a landlord from accepting a broker fee paid by a tenant. The guidance is based on the DOS’ interpretation of the rent law passed last June.
- Worth Noting: Renters can still hire a broker and pay a fee if they want help in searching for an apartment.
- Changing of the guard: REBNY’s senior vice president of government affairs, Reggie Thomas, said the decision “came out of the blue.” The lobby says it’s “exploring legal action” to reverse the interpretation.
