Illustration: Sarah Grillo/Axios

Renting an apartment in New York is ridiculously difficult and expensive, in no small part because of the dominance of a curious tribe of people known as "rental brokers." As the NYT explains, these creatures "have near absolute control over apartment listings, viewing appointments and leases."

Driving the news: In a widely applauded yet unexpected move, New York state regulators have decreed that renters can no longer be charged broker's fees.

How it works: Rental brokers charge astonishing sums for simply bringing together landlords and renters. The standard fee is 15% of the first year's rent, payable up front — that's $6,300 on an apartment costing $3,500 per month.

  • Brokers can charge that much because while they're hired by landlords, the landlords don't pay them, and are therefore price-insensitive. Meanwhile the renters, who have to make the payment, have no real choice but to pay whatever the broker charges.

What's next: If landlords want to continue to use brokers, they will have to pay them themselves. Brokers are warning that the broker's fee will then end up showing up in higher rent. But now landlords will have a clear financial incentive to use cheaper brokers. That should help drive prices down across the industry.

Go deeper: The new housing crisis

Go deeper

Ina Fried, author of Login
8 mins ago - Science

CRISPR pioneer: "Science is on the ballot" in 2020

Photo: "Axios on HBO"

In her three decades in science, Jennifer Doudna said she has seen a gradual erosion of trust in the profession, but the recent Nobel Prize winner told "Axios on HBO" that the institution itself has been under assault from the current administration.

  • "I think science is on the ballot," Doudna said in the interview.

Why it matters: That has manifested itself in everything from how the federal government approaches climate change to the pandemic.

Ted Cruz doesn't think the Hunter Biden attacks are working

Republican Sen. Ted Cruz told "Axios on HBO" he doesn't think the Trump campaign's focus on the Biden family's business dealings are having any sway with voters.

The big picture: After watching the Trump-Biden debate with "Axios on HBO" on Thursday night, Cruz said he thought Trump had done very well. But when asked whether he thought voters were moved by the release of the Hunter Biden emails, Cruz replied, "I don't think it moves a single voter."

Ilhan Omar: The Squad expects liberal turn from Biden after election

Rep. Ilhan Omar told "Axios on HBO" that given the way progressives have shaped Joe Biden's policy platform, she and other members of "The Squad" expect a liberal turn from him if he's elected.

Why it matters: Progressives have largely refrained from publicly criticizing Biden in the lead-up to the election, even though he hasn't signed on to their most far-reaching policies. Instead, they're focusing solely on beating Trump.

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