An Albany judge on Monday issued a temporary restraining order halting the Empire State’s new lightning-rod rule that renters can no longer be charged broker’s fees.
The ruling by Justice Michael Mackey came after the influential Real
Estate Board of New York and other industry honchos, including big-name
brokerages like the The Corcoran Group and Sotheby’s Realty, filed a
lawsuit against the Department of State on Monday.
The temporary ban means brokers can, for now, continue collecting hefty commissions from tenants when they rent a residence.
REBNY and the New York State Association of Realtors declared in a
statement that it also means “that thousands of hardworking, honest real
estate agents across New York State can do business in the same way
they did prior to last week’s DOS memo without fear of discipline by the