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.
Categories
Recent Posts
Inside the Search: Choosing the Right Deal in Chicago With
Taka Buranda
It’s a Family Affair: Multigenerational Living Rental Can
Help Landlords Boost Income While Offering Tenants
Affordability
PolicyPro: J-51 reboot flops for rent-regulated landlords,
boosts co-ops and condos
Hotel union deal puts cleaners on track for $100K
salaries
Mamdani targets Brooklyn corridors for major housing
push 
Saunders partners with Premier Estate Properties to link
ultralux markets
RealPage rent-fixing settlements pass $200M (and
counting)
Record High Mortgage Debt Sounds Scary. Here’s What the
Headlines Leave Out.
Richard Born dumps Chambers Hotel for $66M
NYC’s top deals: Benchmark scoops up $42M apartment complex
on UWS
