New York renters, brokerages and agents were shocked when a law was passed barring tenants from being charged brokerage fees when working with an agent. This threw a curveball at the brokerage industry and agents, many of whom have generated businesses off of renting apartments in NYC.
The law was loosely interpreted and unclear in it's definition and is currently being contested in courts.
Is Boston on a similar path? Upon news breaking of New York City's move, Mayor Marty Walsh immediately stated he was assembling a special board to review Boston's brokerage fee policies. In Boston, tenants are most often the ones responsible for paying the brokerage fee, of up to 1 month's rent, when renting an apartment in Boston. Mayor Walsh is dead-set on helping the city's affordability crisis which is making it difficult for many to live in the city.
A hard pause has been pressed for NYC's policy change as the legality and implementation is sorted out. It's to-be-determined whether Boston may have any rental fee reform in the future but one thing is certain, high demand for rentals will always remain.
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