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State Adheres to Court Ruling on New York Broker Fee

The Department of State has updated its guidance to the real estate industry to reflect an April court decision protecting broker fees.

New yorkUnited statesState of new yorkJabari brisportAnuja shakyaJabari brisport gettyJames whelanJulia salazarSusan kushnerAlbany supreme courtNew york cityHousing stabilityTenant protection actAlbany supreme court judge susan kushnerStatewide housing securityNew york state

State Senators Bring Back Broker Fee Ban in New Bill

Broker fees in the city are typically about 15 percent of the annual rent, which when combined with the first month of rent and a security deposit can mean tenants must come up with a five-figure sum just to move in. For instance the broker fee for a Manhattan apartment asking the borough’s median rent of nearly $3,100 would be about $5,580. The real estate industry, which argued that such a ban was a “death knell” for agents and brokerages, filed for a temporary injunction and sought to overturn the guidance. The core question of the case was whether or not lawmakers and the Housing Stability and Tenant Protection Act of 2019 intended to ban the tenant-pays practice.

New yorkUnited statesState of new yorkJabari brisportRebny james whelanAnuja shakyaJabari brisport gettyJames whelanJulia salazarSusan kushnerAlbany supreme courtState senateReal dealNew york cityYork state senators jabari brisportLegislative session

Court Order Nullifies Guidance Issued by the New York State Department of State Regarding the Collection of Brokerage Fees from a Tenant by a Landlords Agent | Kilpatrick Townsend & Stockton LLP

To embed, copy and paste the code into your website or blog: At the request of several brokerage advocacy groups, on February 4, 2020, the New York Department of State issued a memorandum entitled Guidance for Real Estate Professionals Concerning the Statewide Housing Security and Tenant Protection Act of 2019 and the Housing Stability and Tenant Protection Act of 2019 (the “ Guidance”). The Guidance interpreted the provisions of the Statewide Housing Security and Tenant Protection Act of 2019 (“ Act”) and the Housing Stability and Tenant Protection Act of 2019 (L. 2019, ch. 36), Part M of which is the Act. In relation to a residential dwelling unit, Section 10 of the Act states that:

New yorkUnited statesNew york departmentReal estate professionals concerningStatewide housing securityTenant protection actHousing stabilityபுதியது யார்க்ஒன்றுபட்டது மாநிலங்களில்புதியது யார்க் துறைமாநிலம் தழுவிய வீட்டுவசதி பாதுகாப்புவாடகைக்காரர் ப்ரொடெக்ஶந் நாடகம்வீட்டுவசதி ஸ்திரத்தன்மை

The New York broker fee ban was illegal

Advertising For a brief moment in 2020, prospective renters in NYC had some relief when New York made it illegal for landlords to require a broker s fee, but now that new law is gone and brokers can continue to collect a fee. It s hard enough finding the right apartment and one that you can afford. Broker s fees have notoriously been a stumbling block for many New Yorkers since it s usually one month rent or up to 15% of the annual rent paid in one lump sum and this is on top of an application fee and a credit check. But on January 31, 2020, state regulators issued new guidance on the Housing Stability and Tenant Protection Act, which became law in June 2019. The new guidance suggested that it was illegal for prospective renters to pay a broker if that broker is acting on behalf of a landlord. It went into effect immediately, causing real estate brokers to panic.

New yorkUnited statesAlbany countyPaulette soltaniMike mckeeJames whelanYork state association of realtorsTenants political action committeeNew yorkersHousing stabilityTenant protection actReal estateNew york state associationStatewide housing securityNew york cityNew york state

Yang in flaps on abortion, street vendors — State cuts social distancing requirements in schools — Gateway project review by May

Yang in flaps on abortion, street vendors — State cuts social distancing requirements in schools — Gateway project review by May
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