| New NYC Broker
Regulation FARE Act Is Sued By
REBNY in SDNY As
Unconstitutional
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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