The lawsuit was filed in Federal District Court in Manhattan by the Real Estate Board of New York, which argues that the new broker fee law is unconstitutional.
The new rules prevent renters from being forced to pay broker fees that can cost thousands of dollars, potentially leading to higher rents in the city.
Real estate leaders express concerns that the law will wreak havoc on the New York City rental markets, causing immediate and irreparable harm to consumers.
Moving into an apartment in the city can easily average over $10,000 in upfront costs, which includes typically high broker fees of more than one month's rent.
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