As The Real Estate Board of New York (REBNY) prepares to host its annual Residential Deal of the Year Charity & Awards Celebration on May 7, agents are looking back at an eventful year in NYC real estate.
In 2024, there were political wins and losses, and mounting macroeconomic and regulatory pressure for agents, which made REBNY’s work more crucial than ever. Over the last year, REBNY has taken action to shape pro-industry public policy for its 14,000 members, provide a wide range of services, and power a robust listing inventory for agents to serve New Yorkers. We spoke with some REBNY members about how the past 12 months shaped the NYC real estate industry and how the 130-year-old trade association has responded.
Fighting FARE Act
One of the biggest challenges of 2024 for REBNY members was the FARE Act, which passed the City Council late last year. REBNY is in opposition to the law because it would raise rents and make it harder for clients to find apartments and for agents to be compensated for their work. REBNY has led the industry’s advocacy strategy and worked closely with agents to both educate and mobilize the community in organized efforts to protect their rights.
“When the New York City Council attempted to raise rents and disrupt our economy with the misguided FARE Act to legislate broker commissions, REBNY quickly mobilized,” says Jason Haber of Compass. “The organization coordinated a working group with agents, countless meetings with legislators, testimony from dozens of members, and a rally on the steps of City Hall with over 1,000 agents.”
Once the FARE Act passed the City Council in November, REBNY shifted course, filing a lawsuit in federal court posing constitutional challenges to the Act including infringement of Free Speech and Contract Clause rights. In addition, the organization moved for a preliminary injunction to block the Act from going into effect while the case makes its way through the courts. A federal judge has set a date in early May for the evidentiary hearing.
“As soon as the law passed,” says Haber, “REBNY pivoted as planned to fight for the First Amendment rights of agents in federal court, standing in the way of this bad policy from taking effect, as the organization has successfully done in the past.”
City of Yes, Please
REBNY was at the forefront, actively advocating for the passing of The City of Yes since early in the zoning change’s life. The trade association worked through both a grassroots campaign and a broader media strategy to engage public officials and take the proposal across the finish line, all with the goal of boosting NYC’s real estate market and, by extension, its members’ business.
The City Council approved The City of Yes in 2024, setting the stage for a resurgence of residential development across all five boroughs that will create new supply and slow rising rental costs.
“City of Yes provides a roadmap and toolkit for new residential development for the next fifty years,” says Julia Boland of Corcoran.
The first major change to NYC’s zoning law since the early 1960s, The City of Yes includes zoning changes to help realize State incentives for office to residential conversions, the creation of R11 and R12 districts to enable greater building density, and the elimination of arcane and costly parking mandates that keep new developments from getting off the ground.
“With more development across all five boroughs comes more sales and leasing opportunities for residential agents,” says Boland. “When REBNY advocates for more housing, everybody in the industry benefits”
Creating the First Centralized Building Database for NYC
One of the main services that REBNY provides to its members is the RLS, the exclusive Residential Listing Service. The RLS powers all member brokerages with 19,000 listings, valued at $39 billion.
In February, REBNY’s RLS finalized the transition to a new backend, which will allow the RLS to continue to evolve and effectively serve all participants. As part of its ongoing commitment to providing members with the best information available, the RLS will soon launch a first-of-its-kind New York City Centralized Building Database, becoming the single source for accurate building data. REBNY is well-positioned to lead this development because the organization works closely with the largest building owners and management companies.
“In a vertical city like New York, having access to consistent, accurate building data is essential for agents and clients,” says Kirsten Jordan of Corcoran.
This is a breakthrough for New York City’s residential ecosystem because it will provide accurate building data to agents, empower owners and managers to have control over their data, and give consumers the facts about buildings.
“Today, agents can run into multiple entries of data for one building. At times we have to verify this information with the building management to get full accuracy. REBNY’s centralized building database will ensure seamless market accuracy and transparency so agents don’t have to second-guess building information,” says Jordan. “Agents and consumers will have one set of data for buildings, directly from the source, instead of a variety of versions that we currently have in the market due to many people entering information.”
From advocacy to listing inventory, the day-to-day motto at REBNY is to take action on complex issues on behalf of the industry. The organization advocates for thoughtful industry policy, administers co-broking practices, grants prestigious industry awards, fosters unmatched networking, leads a NYS continuing education school, publishes market reports often cited by the media, and provides legal support to members 7 days a week.
As Brown Harris Stevens CEO Bess Freedman says, “REBNY truly understands New York City and provides leadership to make sure we stay above the fray. As an industry, we face a combination of political, economic, and policy issues. These are not easy issues. REBNY fights the big fights.”
To learn more about REBNY and the May 7 event, click here and to learn more about what REBNY does for NYC agents, click here.