New legislation aimed at NYC real estate could hurt agents

Real estate professionals could be caught in legal crossfire through higher taxes and commission caps

NYC lawmakers want to pass initiatives that would negatively affect real estate agents — one bill aims to cap broker fees on rentals at 8 percent of the annual rate, which takes away the power of tenant-landlord negotiation, and another proposed initiative is a pied-à-terre tax, which would be levied on non-primary residences that cost $5 million and above.