Can Massachusetts build more housing under rent control?
A proposed rent control ballot question in Massachusetts is freezing financing for new housing construction, according to a letter from a national real estate financing firm. The ballot question would cap annual rent increases at 5 percent or the Consumer Price Index, whichever is lower.
A proposed rent control law in Massachusetts is halting financing for new housing construction. A national real estate financing firm told Cabot, Cabot & Forbes that the current transaction market is 'essentially frozen' due to the possibility of rent control. The proposed ballot question would limit annual rent increases to 5 percent or the Consumer Price Index. Jay Doherty, CEO of Cabot, Cabot & Forbes, stated that financing for three Massachusetts housing projects won't come through until the referendum is decided. The ballot question exempts new construction from rent control for 10 years and buildings with four units or less. Carolyn Chou, director of the Homes for All coalition, believes the ballot question allows for both building more housing and stabilizing rent.
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