Queens skyline.
NEW YORK CITY – The New York real estate industry gathered in arms on Monday to secure a temporary injunction against the Department of State guidance barring tenant-paid broker commissions from a landlord-retained real estate agent, but many are asking how long will the injunction last, could the court deem it as justified since it is not law but a litigation position? Leni Morrison Cummins, a real estate attorney at Cozen O'Connor, tells GlobeSt.com
Since the passing of the Housing Tenant and Protection Act in 2019, the market has experienced a slowdown. The legislation clamped down on the popular strategy of transitioning rent-stabilized units to market-rate housing and set a standardized apartment application fee to $20, which significantly tempered investor enthusiasm. However, with the Department of State guidance of a rental-fee ban has flushed everyone in the industry to take a closer look at the legislation, Cummins said.
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