The Fairness in Apartment Rental Expenses Act (FARE Act) will take effect, making landlords responsible for broker fees previously paid by tenants. This change was upheld by Judge Ronnie Abrams, who rejected the Real Estate Board of New York's (REBNY) efforts for a preliminary injunction against the law. REBNY argues the act violates constitutional rights and could lead to higher rents as landlords might raise rental prices to cover their additional expenses. The City Council previously approved the act with significant support, indicating strong political backing for the measure.
REBNY claims the FARE Act undermines private contracts, improperly reallocates broker fees from tenants to landlords, and could ultimately drive up rent costs.
Judge Ronnie Abrams ruled against REBNY’s requests, allowing the FARE Act to take effect and dismissing several of the group’s constitutional arguments.
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