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REBNY: Broker Confidence Slips Amid New Rent Regs
The Real Estate Board of New York’s (REBNY) Real Estate Broker Confidence Index for the second quarter was 6.64 out of 10—a decrease of 0.28 since the prior quarter. Residential and commercial broker confidence both experienced decline in Q2 compared to the first quarter in the wake of the new regulations enacted by the New York State Legislature in Albany this spring.
Much of the decline in confidence from quarter-to-quarter can be attributed to uncertainty regarding new regulations to both the commercial and residential sectors. “New rent regulations will negatively affect multifamily / apartment building sales, which will lead to a lesser amount of new retail shoppers,” said one commercial broker.
The overall American political climate also plays a role. Another commercial broker said that “instability of White House in foreign affairs, incoherent trade policy and political pressure on the Fed provide mixed signals to markets and the economy.”
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