TPFG and its competitor BLV are property management firms that use a franchise model to remain capital light. Both have high returns on equity. But apparently, their business is under regulatory threat, and there is some kind of government ban on tenants fees starting in June 2019.

Is anyone here familiar with this issue, and how much of TPFG's revenues and earnings are coming from the banned kind of fee? What kind of return on equity can they generate after these regulations take hold?

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