Real Estate Board of New York

And if they chose to do it, then they want to be able to co-broke because they're open to that, but they don't want it all over the consumer-facing sites or out from the public.

And REBNY, by definition of the participants only, says that a listing in there cannot be publicly marketed and a participant only listing is not included in the IDX feed and thereby it's not visible on the REBNY members broker websites that consume the IDX feed.

So I am personally, and many of the executives at BHS are collectively upset and against the StreetEasy policy change that they announced the other week, whereby they are stating that if something is a participants only listing in REBNY, it needs to now be listed on StreetEasy, right? I believe in my personal opinion that that is a strong overreach and not necessarily their call to make.

And as much as StreetEasy may say otherwise, to me, I personally believe that this is a direct response to what Compass did in August.

And I wrote about this for many weeks in a row in my market updates, that Compass misused the participants only, right? The participant only status for much of the spring had, let's call it 80 to 140 listings in it.

It had over 800 listings at one point in August because many of the listings that Compass took off the market, so they took it off the RLS, so they took it off StreetEasy in the month of August to let it reset because both StreetEasy and REBNY earlier in 2026 changed their rules where it allowed a listing to be off for 30 consecutive days instead of 90 consecutive days for the days that market counted to reset.

So both those platforms changed the rules which allowed this to get manipulated, right? So Compass said, hey, sellers, take it off in August and then put it back on, right? And many of those listings that were pulled off the market were put on the participants only status.

And there were about 800 listings at its peak in participants only.

Why don't you talk a little bit about that and why did you do that? What's the objective and what drives you and motivates you to help the industry the way you do? Yeah.

In the early 90s, when Bernie Mendick was the chairperson of REBNY, I don't know if you remember Bernie.

Of course.

He was one of the biggest owners.

So I'm not in that New Yorker cartoon.

I like that a lot.

At REBNY, I still run my Economic Development Committee.

And our new announcement will be that the new EDC announced today, chair from Mamandami will have him in the fall.