New York City brokers and landlords attempting to skirt the city’s upcoming ban on residential broker fees may now face fines of up to $2,000, according to a proposal from New York City’s consumer protection agency.
The Department of Consumer and Worker Protection released a plan last week to enforce the Fairness in Apartment Rental Expenses (FARE) Act. The guidelines are set to take effect in mid-June, pending ongoing legal challenges from the city’s real estate industry.
The department proposed a series of escalating fines for landlords and brokers caught illegally charging tenants. A first violation would cost $750, followed by $1,800 for a second offense and $2,000 for any subsequent violation…