End of tenant-pays broker fees is “death knell” that will cost jobs and up rents, industry says

State regulators have turned New York City’s rental market on its head. A new set of guidance, unexpectedly issued by the Department of State, reversed the tenant-pays-broker-fee system that’s been the norm in rental transactions in New York City. While many of the city’s 5.6 million renters — 8.9 million statewide — are lauding the change, some in the real estate industry claim it’s a death knell that will cost thousands of agent jobs and

source https://therealdeal.com/2020/02/06/end-of-tenant-pays-broker-fees-is-death-knell-that-will-cost-jobs-and-up-rents-industry-says/