Michelle Wu Rent Control Proposal (leaked) via Boston Globe (buy, tenant)

[BostonBornMassMade]

Originally Posted by masssachoicetts

^^^^^^^^^^^^ this

if they cant afford to rent at a price, sell it!

Honestly.

If you don't want to landlord in Boston because you can "only" increase rent on your unrenovated crica 1991 1BR from 3000 to 3300 then just sell it to someone who will. I'm not gonna believe you that the cost of maintaining a single unit in your 10-unit complex went up 3600 in a year.

Let's say you have 10 units renting at an average of 3k/month. That's $360,000 PER YEAR. Do you think that the next year only being able to make $396,000 per year is unfair? Okay, sell and buy a property in Brookline. See how it goes.

I mean what the f*ck. In less than 10 years you can DOUBLE your rent. F it you can raise it however high you want for 15 year. Charge 11000 a month if you see so fit, Damn am i tired of these rich **holes who think they're ability to earn exorbitant sums of money is manifest destiny and should trump people's right to shelter and their ability to lvie near their families.

[BostonBornMassMade]

New statewide poll shows strong support for rent control
68 percent of likely voters support Mayor Wu’s plan to keep rent hikes under 10 percent, survey shows

A survey conducted last month by the polling firm Change Research found that 65 percent of likely 2024 voters would support a ballot question empowering local authorities to make their own decisions about rent control. An even larger share, 68 percent, either “strongly support” or “somewhat support” Wu’s plan to limit annual rent hikes to 10 percent or less, even in high-inflation years, the poll found.

Just 22 percent said they opposed Wu’s plan, and 10 percent said they were unsure.

Support for rent control was strongest in the greater Boston area, where the survey found 71 percent of voters support Wu’s plan. But voters in every region of the state back rent control, the poll found. Rent control also had majority support from men and women, white respondents and people of color, voters who attended college and those who did not, and across every age group surveyed. Democrats and independent voters back rent control, while Republicans oppose it, the survey found.



Pollsters surveyed 711 likely voters from Feb. 20-23. The margin of error was 3.9 percent. The survey was conducted for political consulting firm Northwind Strategies but not on behalf of any particular politician or cause, organizers said.

[BostonBornMassMade]

Boston City Council approves rent control proposal, BPDA restructuring

After about an hour of debate, councilors voted 11-2 in favor of Wu’s rent control plan, which would ban rent increases of more than 6 percent plus inflation, with a cap of 10 percent in high-inflation years. Advocates in the chamber broke into applause after the vote.

11-2 in favor of restructuring BPDA as well.

Only Frank the Crank and Erin Murphy voted against the changes.


The rent control vote comes as the Cambridge City Council signaled its support for a bill that would strike down the statewide ban on the practice, while Somerville City Councilor Ben Ewen-Campen has proposed drafting a home rule petition “to regulate against rent gouging by establishing Rent Stabilization.”

Why is the state holding Boston and Cambridge back? These are places that never wanted to get rid of rent control in the first place and never have stopped wanting it.

[bricka]

Originally Posted by MrDee12345

I don't like the idea of rent control because it can stifle the income of small time landlords.

But...

I realize that it's a last ditch effort to make Boston more affordable. But I think it's unfair to blame high rents on places like Boston, Cambridge or Somerville (or any of the urban/suburban cities directly adjacent to Boston.) They're already densely populated and they are are building new units.

Blame Carlisle. Blame Billerica. Blame Lincoln. Blame Weston.

All of these suburbs benefit from being in the Boston MSA, but enact zoning that makes it difficult to build higher density apartments/houses near their public transit. People in Carlisle can continue to have 2 acre lots that continue to push up housing prices around the region because they don't have to worry about the poors infesting their leafy suburb - all while enjoying the benefits of having Boston nearby.

Billerica recently did zoning in this way or is this old?

[massnative71]

Originally Posted by bricka

Billerica recently did zoning in this way or is this old?

No I think that poster is confused.

[zachparker7]

At face value, rent control sounds like a great idea. Mayor Wu's proposal isn't even as strict as some other markets that have tried rent control. However, the reality is that rent control can and will disincentivize developers from adding new inventory to the housing stock.


High prices are a function of supply and demand. Demand for housing in Boston has been increasing and the supply hasn't been able to keep up. Creating new inventory is already challenging in Boston given how old the city is and the lack of developable land. By capping rent price either now or in the future, developers will choose not to take on projects in Boston. This will restrict housing supply even more, making it very difficult for renters to find quality places. Existing rentals will fall into disrepair because landlords a.) won't have as much operating income to fix them and b.) demand will be so high and supply so low they really don't need to.



The smart way to combat rent prices is to fix the supply issue, but 2022 was an abysmal year for new housing inventory. The city saw the lowest number of new housing units since 2014, which is why we're seeing the tightest rental supply in history and the highest rent prices on record. Rent control will further diminish housing inventory, making the housing market a nightmare for renters.

[masssachoicetts]

Originally Posted by zachparker7

At face value, rent control sounds like a great idea. Mayor Wu's proposal isn't even as strict as some other markets that have tried rent control. However, the reality is that rent control can and will disincentivize developers from adding new inventory to the housing stock.


High prices are a function of supply and demand. Demand for housing in Boston has been increasing and the supply hasn't been able to keep up. Creating new inventory is already challenging in Boston given how old the city is and the lack of developable land. By capping rent price either now or in the future, developers will choose not to take on projects in Boston. This will restrict housing supply even more, making it very difficult for renters to find quality places. Existing rentals will fall into disrepair because landlords a.) won't have as much operating income to fix them and b.) demand will be so high and supply so low they really don't need to.



The smart way to combat rent prices is to fix the supply issue, but 2022 was an abysmal year for new housing inventory. The city saw the lowest number of new housing units since 2014, which is why we're seeing the tightest rental supply in history and the highest rent prices on record. Rent control will further diminish housing inventory, making the housing market a nightmare for renters.

good post new guy and welcome to the forum! I have been echoing this as well.

Rent control sounds great at face value. but there are a lot of other rental measures that they need to take to ensure continued affordability. Cities that have rent control are doing a lot to protect renters including a vast housing lottery, subsidizing affordable housing, meeting/exceeding housing construction goals, etc. I would like Wu to double up on Rent Control and another form of rental protection in Boston. But I would say go ahead and try it now, because what we have now ain't working... Im 26 this year and I cant afford to even touch Boston if I wanted to move back. (Source: I am literally a Planner w/ a Masters from a top 3 Planning school)

[ben young]

As someone sitting on the sideline not owning property in Boston. When the ' rent stabilizing ' event takes place, will maintenance costs also freeze or will it continue to rise with the economy and how will the owners of low and medium cost property keep up the property? Not all or even most owners well off,despite what some on here think .

[GeePee]

I know 2 builders sitting on property (ready to build)multi units and paying taxes on in Boston proper. Both have been extorted by the Wu committee. One was told that he needed to have a minority partner, the other was told he needed to pay a $1.5 mil donation to some similar charity.
They are both taking the city of Boston to court. Meanwhile 45 units are in limbo for almost 2 years. Way to go!

[BostonBornMassMade]

Originally Posted by masssachoicetts

good post new guy and welcome to the forum! I have been echoing this as well.

Rent control sounds great at face value. but there are a lot of other rental measures that they need to take to ensure continued affordability. Cities that have rent control are doing a lot to protect renters including a vast housing lottery, subsidizing affordable housing, meeting/exceeding housing construction goals, etc. I would like Wu to double up on Rent Control and another form of rental protection in Boston. But I would say go ahead and try it now, because what we have now ain't working... Im 26 this year and I cant afford to even touch Boston if I wanted to move back. (Source: I am literally a Planner w/ a Masters from a top 3 Planning school)

Boston tenant protections do indeed pale in comparison to some other progressive cities. This is true. We have no Tenant Oppurtunity to purchase/right of first refusal.