DOS Bans Brokers’ Fees, HSTPA Continues to Cause Confusion and Anxiety
On January 31st, without notice, the New York Department of State issued a Legal Guidance analyzing the Housing Stability and Tenant Protection Act. Buried in the document is a change indicating that the collection of brokers’ fees is prohibited. In a statement provided to Real Estate Weekly by KMWB’s Lisa Faham-Selzer, “It looks like they are trying to wipe out an entire occupation. They have no way to make money.” However, the interpretation is still up for debate. According to Lisa Faham-Selzer, “The DOS has expanded the law on their own… There are more bills in front of the State Assembly now, so further clarification can come in the form of actual bills if Albany decides this is not what they meant.” Read the full Real Estate Weekly Article here.