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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.
Compass’ Robert Reffkin and REBNY’s James Whelan. (Getty, Whelan ph: Anuja Shakya)
The Real Estate Board of New York represents the interests of the city’s many residential brokerages. Compass says it’s not one of them.
The brokerage alleges in a new lawsuit that REBNY has conspired with Douglas Elliman and the Corcoran Group to “thwart” its business in New York City. The complaint was filed in federal court for the Southern District of New York Friday afternoon. (Elliman and Corcoran are not defendants in the case, but are cited throughout.)
Compass said it was bringing the suit to “halt REBNY and its co-conspirators’ anticompetitive scheme, release from their market dominance, and reinvigorate the competitive process.”