by Matthew Russell Lee, Patreon Book Substack
SDNY COURTHOUSE, Dec 16 – The New York City Council on December 14 announced that "Today, the FARE Act, sponsored by @CMChiOsse , becomes law. This law, taking effect in 180 days, will prohibit landlords from passing the fees of brokers they hire onto prospective tenants, bringing greater fairness to New York City’s rental housing market.
On December 16, the Real Estate Board of New York and others sued NYC and Commissioner Vilda Ver Mayuga, arguing that the FARE Act "violates Plaintiffs' right to free commercial speech.. and is preempted by NY State's comprehensive regime of laws."
REBNY adds that the FARE Act "is just bad public policy, which will also have the ultimate effect of causing rents to increase - not decrease." They are represented by the law firm of Hogan Lovells US LLP.
The case is Real Estate Board of New York, Inc., et al., v. The City of New York, et al., 1:24-cv-9678 (Unassigned)
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