Episode 19: Emergency POD! New Rental Law Changes: Landlords, not tenants, must pay rental broker fees: state

We delve into this last minute, an unexpected addendum to the rental law regulation issued by the Department of State this week, where they reversed the tenant-pays-broker-fee system that’s been the norm in rental transactions in New York City.

The guidance is based on the DOS’ interpretation of the rent law passed last June, and notes that agents working for landlords will be penalized if tenants pay their broker fees.

One of the lawmakers who sponsored the rent law, State Sen. Julia Salazar, said in a statement that “our intent is to eliminate barriers that currently prevent low-income and vulnerable people from obtaining housing.”

My cohost Danielle Stout & I discuss the impacts of this in today's market, and we are also joined by our guest speaker Justin Rubinstein of Compass.