Massachusetts in danger of $300B property value loss with statewide rent control push: Report

Lance Reynolds, Boston Herald on Mar 12, 2026

By clicking submit, I authorize Arcamax and its affiliates to: (1) use, sell, and share my information for marketing purposes, including cross-context behavioral advertising, as described in our Privacy Policy , (2) add to information that I provide with other information like interests inferred from web page views, or data lawfully obtained from data brokers, such as past purchase or location data, or publicly available data, (3) contact me or enable others to contact me by email or other means with offers for different types of goods and services, and (4) retain my information while I am engaging with marketing messages that I receive and for a reasonable amount of time thereafter. I understand I can opt out at any time through an email that I receive, or by clicking here

Massachusetts mayors have their red ink ready for a statewide rent control ballot measure after a study found the initiative would eliminate $300 billion in property values, as supporters call it a solution to the housing crisis.

The Tufts Center for State Policy Analysis has found that if landlords capped annual rent increases at 5%, municipal budgets would be crushed, forcing local leaders to either slash key services or hike local tax rates to keep up.

If voters approved a statewide rent control, local residential property tax bases would shrink by 6% to 9% immediately, and as the losses mount over time, the initiative could cost home and property owners roughly $300 billion after a decade, the center has found.

The effects would be even more pronounced in lower-income, mid-sized urban centers, like New Bedford and other “Gateway Cities.” These areas would see rental values “immediately plummet,” with tax revenues falling by 8 to 9% “in the short term alone.”

New Bedford Mayor Jon Mitchell called the findings from the Tufts study, in partnership with the Greater Boston Real Estate Board, “hardly surprising.” He suggests that state lawmakers should “facilitate the production of housing units, rather than discourage it.”

“For more than fifty years, rent control has reared itself again and again as a temptingly simple, yet ultimately self-defeating solution to a complex housing market problem,” Mitchell said in a statement. “In Greater New Bedford and other regions where housing developers at times struggle to make their numbers work, it would effectively shut down housing production.”

The ballot initiative would limit annual rent increases in Massachusetts to the cost of living, with a 5% cap. “Keep Massachusetts Home” campaign organizers say an apartment costing $2,000 per month would see no more than a $100 monthly increase annually under the initiative.

The proposal includes exemptions for owner-occupied buildings with four or fewer units and for new buildings within their first 10 years after construction.

Authors of the Tufts study warn that the average property owner in Boston could expect a reduction in their property value by roughly 9% within 3 years, resulting in a $160-million shortfall by 2029.

Last month, Wu said she would vote for the ballot measure that would implement rent control statewide, after previously indicating she opposed it.

“I’m not going to let perfect be the enemy of the good in this case, when there is so much urgency and pressure from housing costs on our residents,” the mayor said on GBH’s Boston Public Radio.

Cities immediately outside of Boston, including Revere, Everett and Chelsea, would be among the hardest-hit communities under a statewide rent control, the Tufts report has found. Property owners in these urban centers could expect a value loss of 15 to 27% over 10 years, requiring an increase of 18 to 37% in taxes to close the gap.

“Bringing back failed policies like rent control will have a devastating impact on our city,” Revere Mayor Patrick M. Keefe Jr. said in a statement. “A 10 to 15% cut to our tax base would force higher tax rates to those who can least afford it or deep cuts to core city services – unacceptable options for me and the people of Revere.”

Rent control has been banned in Massachusetts since 1994. Supporters of the measure say it could help renters who are struggling to keep up with surging prices in the state’s largest cities.

Gov. Maura Healey has opposed the measure, arguing that rent control should be a local issue. The University of New Hampshire Survey Center released a study last month that found 56% of respondents either somewhat or strongly support the question.

If lawmakers don’t take action on the initiative by May, an additional 12,429 signatures would need to be collected and submitted by July 1 for the question to appear on the November ballot.

“Right now in Massachusetts, rents can legally double overnight,” Homes for All Massachusetts Executive Director Carolyn Chou told the Herald, “displacing workers and seniors from their communities … We need basic protections against excessive rent hikes.”

________