Queens skyline.
NEW YORK CITY – The New York realestate industry gathered in arms on Monday to secure a temporaryinjunction against the Department of State guidance barringtenant-paid broker commissions from a landlord-retained real estateagent, but many are asking how long will the injunction last, couldthe court deem it as justified since it is not law but a litigationposition? Leni Morrison Cummins, a real estate attorneyat Cozen O'Connor, tells GlobeSt.com
Since the passing of the Housing Tenant and Protection Act in2019, the market has experienced a slowdown. The legislationclamped down on the popular strategy of transitioningrent-stabilized units to market-rate housing and set a standardizedapartment application fee to $20, which significantly temperedinvestor enthusiasm. However, with the Department of State guidanceof a rental-fee ban has flushed everyone in the industry to take acloser look at the legislation, Cummins said.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
