No more broker fees for renters

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. 

Read more coverage from NYTimes, WSJ, and TRD.