Surprise for New York Renters: No More Broker Fees

February 5, 2020
Published in The NY Times

Regulators unexpectedly banned broker fees for renters, which in the city have long amounted to as much as 15 percent of the annual lease.

Eric Benaim, the chief executive of Modern Spaces, a brokerage firm with about 100 employees, said that the changes hurt agents, who make a living based on collecting broker’s fees.

“They are just on this high,” Mr. Benaim said, “of just punishing real estate and those in the business.”

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