The real-estate industry just went through a historic shift that will fundamentally change how agents are paid for helping people buy and sell homes.
The new rules, which went into effect on Aug. 17, are supposed to make the process of buying and selling a home more transparent. But they could also result in higher home prices, according to a new working paper circulated by the National Bureau of Economic Research.
Mentioned Faculty
Tomasz Piskorski
Tomasz Piskorski is the Edward S. Gordon Professor of Real Estate in the Finance Division at Columbia Business School. He is also a Research Associate at the National Bureau of Economic Research and serves on the Academic Research Council of the Housing Finance Policy Center at the Urban Institute. Professor Piskorski earned a M.S. in Mathematics from New York University Courant Institute of Mathematical Sciences and a Ph.D. in Economics from New York University Stern School of Business.