New York Broker Fee Ban Halted by Judge

Thursday, February 6, 2020

Leni Cummins comments on the court’s decision to grant a temporary restraining order against guidance from the Department of State that prevents landlords, in certain circumstances, from collecting broker fees from tenants in a Multi-Housing News article. The New York Department of State issued legal guidance on broker fees in an effort to supposedly clarify terms identified in the recent amendments to the Statewide Housing Stability and Tenant Protection Act. The Real Estate Board of New York and the New York State Association of Realtors filed a lawsuit to challenge the rule and a temporary restraining order was issued.

Leni noted that “the ban would have a staggering impact on landlords, particularly those with a smaller inventory of properties.”

“With what we’re expecting in 2020, they’re basically increasing costs on landlords so much that to remain profitable, I think rental prices are going to have to go up,” said Leni.

Click here to read the article.

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