NYC Real Estate Board Challenges FARE Act in Court
December 17, 2024 - 19:54
NEW YORK – The Real Estate Board of New York (REBNY) has initiated legal action against the recently passed FARE Act, asserting that the legislation is unconstitutional. Filed in federal district court in Manhattan, the lawsuit contends that the FARE Act imposes an unfair financial burden on landlords by mandating them to cover the fees when hiring real estate brokers for marketing purposes.
REBNY argues that this requirement constitutes "bad public policy," potentially destabilizing the rental market and discouraging investment in property. The organization emphasizes that the act could lead to increased costs for landlords, which may ultimately be passed down to tenants in the form of higher rents.
This legal challenge highlights the ongoing tensions between lawmakers and the real estate community in New York City, as various stakeholders grapple with the implications of housing regulations. The outcome of this lawsuit could have significant repercussions for the city's real estate landscape and the broader housing market.
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