New York City's real estate sector is urgently attempting to pause the Fairness in Apartment Rental Expenses Act, which prohibits broker fees for tenants. Filed by the Real Estate Board of New York, the law could take effect next month unless a federal judge intervenes. This legislation, supported by a significant majority in City Council, is believed to alleviate the rental crisis by reducing upfront costs. However, concerns persist that landlords might compensate with higher monthly rents, and experts warn it could lead to fewer housing opportunities as landlords reconsider their positions.
The New York City real estate industry is making a last-minute bid to halt the Fairness in Apartment Rental Expenses Act before it takes effect next month.
Proponents of the FARE Act argue it will help ease the city's housing crisis by eliminating costly up-front broker fees for renters.
Critics claim landlords may circumvent the law by increasing monthly rents, potentially negating its intended benefits.
Andrew Lieb warns that the FARE Act could lead to a reduction in available housing as landlords may opt out of renting altogether.
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