This could change the game on Boston apartment rental fees

Boston Condos for Sale and Apartment Rentals

This could change the game on Boston apartment rental fees

The Fairness in Apartment Rentals Expenses Act passed this week in NYC by an overwhelming majority, mandating that whoever hires an apartment rental broker is responsible for said broker’s rental commission.

Could this happen in downtown Boston?

With our mayor its possible.

In NYC the measure goes into effect 180 days after it becomes law. The mayor has 30 days to veto or sign it. If he does neither, it becomes law.

The mayor said, “We’re going to look at the legislation…We’re going to examine it and make a determination.”

It is unclear whether that translates to quietly watching this bill become law without signing it or agreeing to sign off on it in exchange for passing City of Yes for Housing Opportunity without gutting it.

Other comments made by the mayor make it seem like he doesn’t have much appetite for vetoing the measure.

Meanwhile, the Real Estate Board of New York is considering suing to stop the measure from being implemented. The group previously fought off a similar measure by the New York Department of State, which issued guidance interpreting part of the 2019 rent law as a prohibition on forcing tenants to pay broker fees.

Boston Apartment Rentals and the Bottom Line

Where do you stand? Send me an email at realtyford@yahoo.com