Enforcement lags as broker fee complaints mount under FARE Act

New York City’s real estate industry is seeing the first wave of enforcement actions under the Fairness in Apartment Rental Expenses Act, but data suggests a significant lag between complaints and financial resolutions.  Since the law’s implementation last summer, the city has mandated only two broker fee refunds despite receiving hundreds of formal grievances from tenants, the New York Post reported. The city’s Department of Consumer and Worker Protection has processed more than 1,600 inquiries and complaints related to the regulations; these interactions resulted in 53 summonses, yet the actual return of capital to renters remains limited to two specific […] This article originally appeared on The Real Deal. Click here to read the full story.