When I heard the news about New York City regulators suddenly banning brokers from charging a fee to renters, I was shocked, and not in a good way. To be clear, fees are the primary means through which the city’s 25,000 licensed real estate brokers make money. But many New York rental agents actually make between $45,000 to $60,000 a year. I personally know many people who have had bad experiences with dishonest brokers. Not all brokers are shady, and we shouldn’t be celebrating a change in policy that could ruin their livelihoods.

Source: New York Times February 08, 2020 15:56 UTC