Mayor Wu sends Boston rent control to City Council for approval
BOSTON - Boston Mayor Michelle Wu has submitted a proposal for rent control to the Boston City Council for approval on Monday.
The mayor's plan will cap rent hikes at 6% plus inflation; however it can be as high as 10% if inflation is poor. Any new development will be exempt for the first 15 years. Smaller, owner-occupied properties, like triple-deckers, will also be exempt.
In her letter, Wu said her proposal is model on those in Oregon and Colorado. The proposal also includes tenant protections.
Some real estate agents fear the legislation will continue to scare off developers. They say older buildings require more upkeep and renovation.
"Rent control, also known as rent stabilization, is a proven failure. It increases housing costs, discourages upkeep and maintenance, and disincentivizes construction. We strongly oppose Mayor Wu's plan to bring government price controls on housing to Boston because it would make the region's housing crisis even worse," said Greg Vasil, CEO of the Greater Boston Real Estate Board.
If the City Council approves the measure, it will go to the State Legislature for approval.