Boston Mayor Michelle Wu wants to bring rent control back to the city.The mayor’s plan that was presented to the rent stabilization advisory committee Tuesday night would limit rent increases to 6% higher than the federal Consumer Price Index.New apartment buildings would be exempt for the first 15 years. Triple-deckers and small owner-occupied rents would also be exempt. “We continue to work with the advisory committee toward specific legislative language that would protect families from rent gouging and displacement as our city continues to grow. We look forward to receiving additional stakeholder feedback before filing a proposal with the city council,” a city spokesperson said.The Greater Boston Real Estate Board called the proposal a “failed policy solution” that has been shown to “decrease housing production of future units.””Rent control also limits property tax collections: an especially harmful outcome for a city like Boston, which heavily depends on property taxes as a source of revenue. Instead of pursuing rent control, Mayor Wu and the City Council should focus on pro-housing policies to move Boston forward not backward,” Greg Vasil, CEO of the Greater Boston Real Estate Board, said in a statement.The mayor’s proposal needs the approval of city and state lawmakers to become law.
Boston Mayor Michelle Wu wants to bring rent control back to the city.
The mayor’s plan that was presented to the rent stabilization advisory committee Tuesday night would limit rent increases to 6% higher than the federal Consumer Price Index.
New apartment buildings would be exempt for the first 15 years. Triple-deckers and small owner-occupied rents would also be exempt.
“We continue to work with the advisory committee toward specific legislative language that would protect families from rent gouging and displacement as our city continues to grow. We look forward to receiving additional stakeholder feedback before filing a proposal with the city council,” a city spokesperson said.
The Greater Boston Real Estate Board called the proposal a “failed policy solution” that has been shown to “decrease housing production of future units.”
“Rent control also limits property tax collections: an especially harmful outcome for a city like Boston, which heavily depends on property taxes as a source of revenue. Instead of pursuing rent control, Mayor Wu and the City Council should focus on pro-housing policies to move Boston forward not backward,” Greg Vasil, CEO of the Greater Boston Real Estate Board, said in a statement.
The mayor’s proposal needs the approval of city and state lawmakers to become law.
