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Oxford to License Its Tech Platform to Rival Brokerages
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Oxford Property Group Acquires Level Group
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BHS CEO Bess Freedman, Sotheby’s CEO Philip White, REBNY head James Whelan, Douglas Elliman executive chairman Howard Lorber and Corcoran CEO Pamela Liebman (Getty, iStock)
An Albany judge sided with the real estate industry Friday, declaring New York state regulators’ attempt to ban tenants from paying landlords’ broker fees an “error of law.”
The decision comes more than a year after the Department of State issued guidance banning the practice. That guidance offered regulators’ interpretation of the Housing Stability and Tenant Protection Act, which became law in June 2019.
In response, prominent real estate trade groups and residential brokerages filed for a temporary injunction against state regulators and sought to overturn the guidance, which they said wreaked “havoc and confusion” on agents and renters.
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Clockwise from top left: Scott Durkin, president and COO of Douglas Elliman; Bess Freedman, CEO of Brown Harris Stevens; Adam Mahfouda, founder and CEO of Oxford Property Group; Rory Golod, Tri-State president of Compass; Pam Liebman, CEO of the Corcoran Group; David Walker, CEO of Triplemint
It’s a long-held tenet of the business that agents switch firms when times are bad and few years in recent memory have been worse than 2020.
“When the market is super strong… agents don’t really move,” said Scott Durkin, president and chief operating officer of Douglas Elliman. “That’s a natural evolution of the business.”