The New York City Council proposal, introduced last week by Council members Keith Powers and Carlina Rivera, intends to cap real estate agent commissions for rental properties at one month’s rent. Where does the government get the right to arbitrarily place a cap on what real estate agents can earn? Somehow real estate brokerage has been cast in the public eye as a predatory practice. Real estate agents, like other independent contractor professionals across the spectrum of areas of employment, experience great variation from agent to agent and year to year in earnings. Nonetheless, studies conducted by the National Association of Realtors indicate that the average real estate professional in 2018 earned less than $50,000 per year.

Source: Forbes February 21, 2019 02:26 UTC