{"id":174409,"date":"2024-06-21T08:39:23","date_gmt":"2024-06-21T14:39:23","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=174409"},"modified":"2024-09-06T03:28:10","modified_gmt":"2024-09-06T09:28:10","slug":"new-nyc-law-would-end-broker-fees","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/new-nyc-law-would-end-broker-fees","title":{"rendered":"New York City&#8217;s Real Estate Brokerages Could Be Destroyed By a New Law"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC4003113922\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The New York real estate industry is fuming. New <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/legistar.council.nyc.gov\/LegislationDetail.aspx?ID=6557858&amp;GUID=2E6273DC-FF0F-40B2-AAB5-B9B3D9BD09DB&amp;Options=&amp;Search=\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">legislation<\/span><\/a><span data-preserver-spaces=\"true\"> might force <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/what-is-a-landlord\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">landlords<\/span><\/a><span data-preserver-spaces=\"true\"> to pay the hefty broker&#8217;s fees that tenants have traditionally paid to real estate companies.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Should the law pass, many landlords might skip brokerages to preserve their <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/rental-property-cash-flow-analysis\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">cash flow<\/span><\/a><span data-preserver-spaces=\"true\">. They won&#8217;t get much sympathy from tenants, though. With soaring New York rental prices and the city caught in an <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nytimes.com\/2024\/02\/08\/nyregion\/apartment-vacancy-rate-housing-crisis.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">affordability crisis<\/span><\/a><span data-preserver-spaces=\"true\">, renters are struggling to pay the sky-high fees brokers charge\u2014usually 10% to 15% of the annual rent, not including a <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/what-is-a-security-deposit\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">security deposit<\/span><\/a><span data-preserver-spaces=\"true\"> and first month&#8217;s rent.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The move would change the composition of real estate in New York City\u2014one of the most expensive markets in the country.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The State of New York City&#8217;s Rental Market<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Renters comprise <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/comptroller.nyc.gov\/reports\/spotlight-new-york-citys-rental-housing-market\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">over two-thirds <\/span><\/a><span data-preserver-spaces=\"true\">of the city&#8217;s households and hold <\/span><span data-preserver-spaces=\"true\">huge<\/span><span data-preserver-spaces=\"true\"> sway in elections. Their frustration at the exorbitant broker fees is understandable: They never hired the brokers representing the apartments, and being forced to pay thousands of dollars for the privilege has been a cause of resentment for years. What\u2019s especially grating is <\/span><span data-preserver-spaces=\"true\">the fact<\/span><span data-preserver-spaces=\"true\"> that in other cities, the landlords, not the tenants, pay the broker&#8217;s fees.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">&#8220;In most businesses, the person who hires the person pays the person,&#8221; Agustina Velez, a house cleaner from Queens, told <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/abcnews.go.com\/US\/wireStory\/nyc-considers-ending-broker-fees-tenants-angering-real-111074441\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">ABC News<\/span><\/a><span data-preserver-spaces=\"true\">. She said she recently paid $6,000 to switch apartments. &#8220;Enough with these injustices. Landlords have to pay for the services they use.&#8221;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">However, New York&#8217;s real estate industry is unlike any other. For every multimillion-dollar condo generating six-figure commissions for brokers, there are thousands of brokers whose bread and butter is trekking around the city, showing apartments to potential clients.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">With battle lines drawn, both sides have a lot at stake. Soaring rents mean upfront expenses for tenants of average-sized apartments outside Manhattan routinely exceed <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/streeteasy.com\/blog\/new-yorkers-spend-over-10k-in-upfront-rental-costs\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">$10,000<\/span><\/a><span data-preserver-spaces=\"true\">, or about 14% of their average annual income. Only one in five renters had the <\/span><span data-preserver-spaces=\"true\">available cash on hand<\/span><span data-preserver-spaces=\"true\"> to afford to move into an NYC rental. <\/span><span data-preserver-spaces=\"true\">For many would-be tenants, it often means incurring credit card debt <\/span><span data-preserver-spaces=\"true\">just<\/span><span data-preserver-spaces=\"true\"> to find a place to live.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">&#8220;It&#8217;s an additional fee in an already expensive and competitive market,&#8221; Councilman Chi Oss\u00e9, the bill&#8217;s sponsor, <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nytimes.com\/2024\/06\/12\/nyregion\/broker-fees-rent-nyc.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">told the <\/span><\/a><em><a class=\"editor-rtfLink\" href=\"https:\/\/www.nytimes.com\/2024\/06\/12\/nyregion\/broker-fees-rent-nyc.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">New York Times<\/span><\/a><\/em><span data-preserver-spaces=\"true\">. &#8220;It&#8217;s holding <\/span><span data-preserver-spaces=\"true\">a lot of<\/span><span data-preserver-spaces=\"true\"> people back from finding new homes, and it&#8217;s pushing people out of the city.&#8221;&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">New York City Rents Continue to Rise<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">It seems foolish to think that during the pandemic when thousands of residents fled the city, many people doubted whether New York City could survive. With office buildings finally showing<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/nypost.com\/2024\/06\/06\/real-estate\/manhattan-office-leasing-soared-70-in-may\/#:~:text=Manhattan&#039;s%20office%20market%20roared%20back,according%20to%20the%20Real%20Deal.\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"> signs of recovery<\/span><\/a><span data-preserver-spaces=\"true\">, New York rents have steadily risen, with no respite in sight.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The Rent Guidelines Board, which sets rent increases annually for rent-stabilized apartments, voted to increase rents for the third straight year by<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nytimes.com\/2024\/06\/17\/nyregion\/nyc-rent-stabilized-apartments-vote-increase.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"> 2.75%<\/span><\/a><span data-preserver-spaces=\"true\"> on a one-year lease and 5.25% on a two-year lease this year for their approximately 2 million tenants. According to NYC listings site StreetEasy, the median asking rent reached<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.linkedin.com\/feed\/update\/urn:li:activity:7208870747786625024\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"> $3,800 in May<\/span><\/a><span data-preserver-spaces=\"true\">\u2014the highest since the site started tracking data in 2010. Though the increase year over year was 2%, this follows a double-digit increase in 2023.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">NYC Tenants and Agents Are Fighting to Make Ends Meet<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Considering the median salary in New York City is<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/gusto.com\/resources\/research\/salary\/ny\/new-york\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"> $73,950,<\/span><\/a><span data-preserver-spaces=\"true\"> the average tenant <\/span><span data-preserver-spaces=\"true\">is expected<\/span><span data-preserver-spaces=\"true\"> to fork out around 20% of their annual salary after taxes to secure a place to live.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Meanwhile, when a broker splits their rental commission with a showing agent, their agent usually receives around 60%. So if an apartment rents for $4,000\/month, which is $48,000 per year, and a broker <\/span><span data-preserver-spaces=\"true\">receives<\/span><span data-preserver-spaces=\"true\"> 10% of that, which is $4,800, an agent <\/span><span data-preserver-spaces=\"true\">receives<\/span><span data-preserver-spaces=\"true\"> $2,880. And according to Zip Recruiter, the average annual salary for an NYC real estate agent is<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.ziprecruiter.com\/Salaries\/Real-Estate-Agent-Salary--in-New-York#\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"> $90,773<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">NYC Faces a Chronic Lack of Housing<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">It&#8217;s not as if <\/span><span data-preserver-spaces=\"true\">there are an abundance of apartments<\/span><span data-preserver-spaces=\"true\"> available for rent.<\/span><span data-preserver-spaces=\"true\"> In April, New York Governor Kathy Hochul and the state legislature reached a deal to boost residential construction in the state\u2019s most populous city. The city has been beset by a chronic housing shortage and escalating homelessness, further exacerbated by the migrant crisis.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">&#8220;The fact that New York City&#8217;s vacancy rate is at 1.4% should be scaring the crap out of all of us,&#8221; Assembly Speaker Carl Heastie, a Democrat,<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.politico.com\/news\/2024\/04\/22\/housing-shortage-new-york-democrats-00153496\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"> told reporters<\/span><\/a><span data-preserver-spaces=\"true\"> at the time, citing a<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nyc.gov\/assets\/hpd\/downloads\/pdfs\/about\/2023-nychvs-selected-initial-findings.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"> report<\/span><\/a><span data-preserver-spaces=\"true\"> that found the vacancy rate for rentals in the five boroughs to be the lowest it had been in more than 50 years. The occupancy of<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/nypost.com\/2024\/01\/30\/metro\/nyc-homeless-shelter-population-surges-53-amid-migrant-crisis-mayors-report\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"> homeless shelters surged<\/span><\/a><span data-preserver-spaces=\"true\"> this year as buses of migrants arrived in the city.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">No-Fee Apartments on the Rise in NYC<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">With such high upfront fees to live in NYC, it&#8217;s hardly surprising that the number of no-fee rentals, which see landlords rent apartments instead of brokers, has been <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/streeteasy.com\/blog\/top-neighborhoods-for-no-fee-apartments\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">increasing in NYC<\/span><\/a><span data-preserver-spaces=\"true\">. StreetEasy even has a filter for such apartments, which are understandably popular and go fast. Should a broker&#8217;s commission be transferred to landlords, expect no-fee rentals to explode, with landlords and their affiliates choosing to go through the screening process themselves instead of paying a broker.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">&#8220;This is the start of a top-down, government-controlled housing system,&#8221; Jordan Silver, a broker with the firm Brown Harris Stevens, <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nbcnewyork.com\/news\/politics\/nyc-could-end-broker-fees-tenants-real-estate\/5502083\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">told NBC New York<\/span><\/a><span data-preserver-spaces=\"true\">. &#8220;The language is so incredibly vague, we <\/span><span data-preserver-spaces=\"true\">actually<\/span><span data-preserver-spaces=\"true\"> have no idea what this would look like in the world.&#8221;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Ryan Monell, vice president of the Real Estate Board of New York, said the complexities of the New York City market made it unique. &#8220;It&#8217;s a misnomer to compare New York to other cities,\u201d he said in an interview with NBC New York. \u201cThis is <\/span><span data-preserver-spaces=\"true\">really<\/span><span data-preserver-spaces=\"true\"> an exceptional market.\u201d<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">New York City Mayor Eric Adams, who once worked as a real estate agent while also serving in the NYPD, struck a neutral stance, saying that renters are not required to pay broker fees in city-financed affordable housing. &#8220;We are reviewing the legislation and taking time to understand any potential impacts,&#8221; a spokesperson for the mayor said noncommittally in <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nytimes.com\/2024\/06\/12\/nyregion\/broker-fees-rent-nyc.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">an interview with the <\/span><\/a><em><a class=\"editor-rtfLink\" href=\"https:\/\/www.nytimes.com\/2024\/06\/12\/nyregion\/broker-fees-rent-nyc.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">New York Times<\/span><\/a><\/em><span data-preserver-spaces=\"true\">.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">NYC Is Facing an Exodus of Lower-Income Residents<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Facing exorbitant housing costs,<\/span><span data-preserver-spaces=\"true\"> NYC is also struggling to keep its workforce in the city. U.S. Census data shows about<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nytimes.com\/2024\/03\/14\/nyregion\/nyc-population-decline.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"> 78,000 people left the city in 2023<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">However, that only tells half the story. In 2022, the city lost more than 126,000 residents. From April 2020 to July 2023, it lost almost 550,000 residents or more than 6% of its population. Department of City Planning spokesperson Casey Berkovitz said 180,000 migrants had come to the city since spring 2022 and that 64,600 were still in the city&#8217;s care. Migrants, though, generally do not join the workforce or rent apartments.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Although many people believe the city will eventually recover its numbers, it&#8217;s no coincidence that the poorer neighborhoods in the<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/nypost.com\/2024\/04\/01\/us-news\/4-nyc-boroughs-lost-more-people-since-covid-than-40-of-the-largest-us-counties-with-the-bronx-topping-list-study\/#:~:text=The%20Bronx%20had%201,356,476%20residents,the%201,461,151%20recorded%20in%202020.\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"> Bronx and Brooklyn<\/span><\/a><span data-preserver-spaces=\"true\"> were hemorrhaging the most people, with the wealthiest borough maintaining its numbers. Should this continue, the population of New York City will increasingly skew toward the rich living in expensive Manhattan apartments. High rents mean these apartments dominate the upper regions of the <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/streeteasy.com\/blog\/top-neighborhoods-for-no-fee-apartments\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">no-fee rental categories<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Final Thoughts<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Given the cost of living, it&#8217;s easy to see why so many people are leaving New York City. Despite that, the city&#8217;s chronic shortage of affordable housing and the relatively modest income of the average real estate agent means both sides have valid arguments for and against ending broker&#8217;s fees from tenants. And as with many New York laws, only an either-or solution will suffice.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Is a compromise feasible where landlords and tenants split the broker fees? I can understand the issues that may arise from this arrangement (either party might try to get out of paying their share, or landlords might cut side deals with brokers, such as lower fees with the promise of further listings). However, should watertight legislation be able to enforce this arrangement, it seems one of the most logical solutions.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Given the difficulty of evicting tenants in New York City, having an experienced broker robustly <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/how-to-screen-tenants\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">screen a tenant<\/span><\/a><span data-preserver-spaces=\"true\">, including a background check, is a fee that a landlord should take as a cost of doing business. Ultimately, securing the right tenant and paying for the service could save them a fortune in the long run, should they rent to the wrong person.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">As with most contentious real estate issues, it&#8217;s hard to believe that a compromise appeasing both sides is impossible.<\/span><\/p>\n\n\n\n    \n  <div id=\"visibility-group-block_bc6fd29efbec5a45dd108f20484f12e3\" class=\"visibility-group alignwide  hidden\">\n        \n\n<div id=\"hero-block_0424b83bbcd79cda530c4c38828df160\" class=\"first:mt-0 hero-block py-4  alignwide   has-background has-slate-200-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 lg:w-1\/2 \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-slate-800-color has-text-color has-large-font-size wp-block-paragraph\" style=\"font-style:normal;font-weight:800\">Find the Right Agent, Close the Best Deal<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color wp-block-paragraph\" style=\"font-size:18px\">Step #1: Use Agent Finder to match with top <em><strong>investor-friendly<\/strong><\/em> real estate agents to help you find, analyze, and close your next deal.<\/p>\n\n\n\n<div id=button-custom-event-block_5409424808b5e6a389945ae8a027df61 class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/agent\/match\" x-on:click=\"window.analytics.track(&#039;Blog Block | B2C Marketplace Agent Finder&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/new-nyc-law-would-end-broker-fees&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Find an Agent<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\"lg:w-1\/2 first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2021\/08\/Marketplace-Blog-Blocks-Agent-v3.png\" alt=\"investor friendly real estate agent\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>\n\n  <\/div>\n  \n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n    \n  <div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n        \n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<h3 class=\"wp-block-heading my-0 tracking-tight font-extrabold has-theme-slate-dark-color has-text-color has-large-font-size\">Join the community<\/h3>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color wp-block-paragraph\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n\n\n\n<div id=button-custom-event-block_64dd2888dba9e class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/signup\" x-on:click=\"window.analytics.track(&#039;Blog Block | Acquisition | Free Membership Signup&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/new-nyc-law-would-end-broker-fees&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Sign Up<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n            <\/div>\n<\/div>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n  <\/div>\n  <\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>NYC has a bill on the table that could reshape its real estate industry forever.<\/p>\n","protected":false},"author":613725,"featured_media":174412,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7384,7119],"tags":[],"class_list":["post-174409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics-policy","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/174409","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613725"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=174409"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/174409\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/174412"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=174409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=174409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=174409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}