---

Posted by Ken on November 15, 2000 at 00:04:58:

In Reply to: Re: Brokers posted by Harry Cho on November 14, 2000 at 17:55:54:

I guess regulation breeds more regulation; if we start regulating brokers we could continue regulating more aspects of real estate until we all live in a giant housing project. And we all know what conditions in those are like.

Apartment brokers in NYC differ from real estate brokers elsewhere in that they usually do not formally represent either landlords or tenants -- they look out for themselves. There have been several cases reported here of brokers who made misstatements to both tenant and landlord, inducing them to sign a lease, and then leaving them to fight over the ensuing problems.

Given the current state of rent regulation in NYC, I really don't see the situation changing. Given that there is a limited supply of apartments at artificially low rents that everyone wants, there will always be gatekeepers (brokers) who control access to them. In most cities without rent regulation, one doesn't need a broker to rent at all -- apartments practically go begging for tenants.

Follow Ups:

---

Note: Posting is disabled in all archives
Post a Followup

Name    : 
E-Mail  : 
Subject : 

Comments:
: I guess regulation breeds more regulation; if we start regulating brokers we could continue regulating more aspects of real estate until we all live in a giant housing project.  And we all know what conditions in those are like.

: Apartment brokers in NYC differ from real estate brokers elsewhere in that they usually do not formally represent either landlords or tenants -- they look out for themselves.  There have been several cases reported here of brokers who made misstatements to both tenant and landlord, inducing them to sign a lease, and then leaving them to fight over the ensuing problems.

: Given the current state of rent regulation in NYC, I really don't see the situation changing.  Given that there is a limited supply of apartments at artificially low rents that everyone wants, there will always be gatekeepers (brokers) who control access to them.  In most cities without rent regulation, one doesn't need a broker to rent at all -- apartments practically go begging for tenants. 


Optional Link URL:  
Link Title:         
Optional Image URL: 

---