T
he Real Estate Board of New York (REBNY) has filed a lawsuit against the city's new rules limiting broker fees, arguing they will make it harder for renters to find apartments. The Fairness in Apartment Rental Expenses Act (FARE Act) aims to end the practice of landlords hiring agents and requiring tenants to pay them 10-15% of the annual lease amount. Proponents of the FARE changes say they will make apartments more affordable, but REBNY claims consumers will struggle to access available units if brokers can't advertise them as usual.

    REBNY represents 14,000 real estate professionals in New York City and plans to rally support for their cause before the new rules take effect in June 2025. The industry's fight against FARE is part of a broader debate over broker pay, which has connections to national issues like President Biden's "junk fees" initiative and the Department of Justice's investigation into the National Association of Realtors (NAR).