The FARE Act may have the 'right intention,' but it will wreak havoc on the New York City rental markets and unleash unintended consequences, harming consumers, brokers, and landlords.
The law mandates that the person hiring the broker pay the fee, instead of the prospective tenant, raising concerns about potential rent spikes in an already pressured market.
The real estate industry has a high burden in court, yet brokers have a chance because the merits are on the side of the industry.
The law is viewed as an attempt by the local government to micro-manage contracts, claiming it violates the contracts clause and the first amendment.
Collection
[
|
...
]