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
September 5, 2025 - 02:31
Enhancing Homeowner Protections in Michigan: Rep. Wozniak's New LegislationState Representative Doug Wozniak (R–Shelby Township) is celebrating a significant legislative victory with the passage of his bill aimed at modernizing Michigan’s Marketable Record Title Act....
September 4, 2025 - 03:19
Iconic Boston Hotel Transitions OwnershipBOSTON– The Boxer Boston, a historic hotel featuring 80 beautifully restored rooms, has officially changed ownership. The sale was facilitated by JLL’s Hotels & Hospitality Group, marking a...
September 3, 2025 - 23:33
ConnectPay Expands Operations with New Headquarters in Mansfield, MAWayland, MA— ConnectPay, a rapidly expanding payroll and HR solutions provider, has secured a lease for 18,000 square feet of office space at 15 Hampshire Street in Mansfield, MA. This...
September 3, 2025 - 11:57
Expansive 14-Acre Parcel Available in Tillamook CountyAn impressive 14-acre parcel of land is now on the market in Tillamook County, offering a unique opportunity for potential buyers. This picturesque property features a serene creek, Foss Creek,...