Overview
- The Tufts Center for State Policy Analysis projects up to $300 billion in lost residential value over 10 years if the proposed rent cap takes effect, with a 6%–9% hit to the residential tax base.
- Modeled local impacts include an estimated 9% drop in Boston property values within three years and 15%–27% declines over a decade in cities such as Chelsea, Everett and Revere.
- The study, commissioned by the Greater Boston Real Estate Board, extrapolates from St. Paul’s 2021 cap and Cambridge’s experience after the 1994 statewide ban on rent control.
- Backers of the ballot measure, which limits annual increases to the lower of 5% or CPI and exempts small owner-occupied buildings and the first 10 years of new construction, argue the findings are premature and say tenant protections are needed.
- Opponents, including Gov. Maura Healey and some mayors, cite the report to warn of budget shortfalls and slower housing production, as a court challenge proceeds, legislative hearings are scheduled, and polling shows majority support for limiting rent hikes.