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.
MORE NEWS
June 6, 2026 - 02:11
Building Hope in Worcester: CMHA Breaks Ground on Transformational Resource Center - Commercial Real Estate Insight & NewsEarlier this month, the Central Massachusetts Housing Alliance (CMHA) marked a significant step forward in Worcester`s fight against homelessness. Officials and community members gathered to...
June 5, 2026 - 11:49
Thousands protest in Albania against Kushner real estate projectTIRANA, Albania -- Thousands of protesters gathered in Albania`s capital for the fourth straight night on Thursday, voicing strong opposition to a planned luxury tourism project on the country`s...
June 4, 2026 - 22:29
Independence Mall Owner Explains Strategy Behind Recent Property SalesA series of real estate transactions around Independence Mall in recent weeks is part of a deliberate plan by the mall`s owner to cash in on the value of its outparcels and strengthen its financial...
June 4, 2026 - 03:07
Vets' real estate network has advice for military home buyers & sellersA specialized network of real estate professionals is stepping up to help active-duty service members and veterans navigate the often tricky process of buying or selling a home. The group, focused...