This week President Biden proposed a 5% cap on rent hikes. With this proposal I thought it would be an opportune time to review Massachusetts experiences with rent control.
Rent control has been a contentious issue in Massachusetts for many years, with a complex history and varied perspectives on its impact. This blog post will delve into the history of rent control in Massachusetts, discuss the pros and cons of such measures, and examine the consequences of rent control in communities that have implemented it. Additionally, we'll explore the stance of the Massachusetts Association of Realtors (MAR) on this issue.
History of Rent Control in Massachusetts
Rent control in Massachusetts dates back to the post-World War II era, a time when housing shortages prompted the government to regulate rent prices to ensure affordability for returning veterans and the working class. Boston, Cambridge, and Brookline were notable cities that adopted stringent rent control measures.
In 1994, a statewide referendum resulted in the abolition of rent control, largely due to arguments that it discouraged investment in rental properties and led to a deterioration of housing quality. The end of rent control saw a significant transformation in these communities, with increased rents and a revitalization of the housing market as landlords invested in property improvements.
Pros of Rent Control
Cons of Rent Control
Consequences of Rent Control in Massachusetts Communities
In communities like Boston, Cambridge, and Brookline, the initial implementation of rent control helped maintain affordable housing during times of economic uncertainty. However, over time, the negative impacts became more pronounced. Property owners reduced their investment in maintenance, leading to a deterioration in housing quality. Additionally, new housing construction was stifled, contributing to broader housing shortages.
After the repeal of rent control in 1994, these communities experienced significant changes. Property values and rental prices increased, prompting landlords to renovate and improve properties. While this led to gentrification and displacement of some long-term residents, it also revitalized neighborhoods and improved overall housing conditions.
Massachusetts Association of Realtors' (MAR) View on Rent Control
The Massachusetts Association of Realtors (MAR) has consistently opposed rent control measures. MAR argues that rent control addresses symptoms rather than underlying issues of housing shortages. Instead, MAR advocates for increasing housing supply through new construction as the primary solution to affordability issues. They support legislation that encourages the development of multifamily units and accessory dwelling units (ADUs) and oppose policies that they believe would harm the housing market, such as rent control and transfer taxes (Massachusetts Association of Realtors) (HousingWire).
Where to go from here?
Rent control remains a polarizing issue in Massachusetts. While it offers benefits in terms of affordability and stability for tenants, it also presents significant challenges, including reduced investment in housing and supply constraints. The history of rent control in the state illustrates the complex trade-offs involved in housing policy. As debates continue, it's essential to consider both the short-term benefits and long-term impacts of rent control measures on communities and the housing market.
For more detailed insights and ongoing updates on rent control legislation, stay tuned to resources like the Massachusetts Association of Realtors and local housing policy discussions.
This is your market in a minute for multi-family homes year end 2022 in Fall River MA.
Lack of inventory continues to plague the Fall River multi-family housing market with 2022 seeing a reduction in the number of multi-family home listed for sale by 20% from the previous year further fueling the pricing appreciation.
The average selling price for a multi-family home jumped almost 19% from 2022 to $524,000 with an average price of $157 per square foot.
Fewer listings, coupled with higher interest rates, resulted in the number of closed transactions dropping 26.5%, from 468 in 2021 to 344 in 2022.
Months of supply, although still strongly in the sellers' market jumped 85% to 1.5 months' supply over the previous year.
It's going to be interesting to see how this plays out in 2023 with raising rates and lenders tightening financing coupled with low inventory.
Of course, all real estate is local, and this is only for Fall River MA, so let me know if you would like to know more about what is happening in your neighborhood, community or town. And if you like these updates. please subscribe so you can stay "in-the-know".
FIREWORKS
Fall River, MA
Every year a spectacular fireworks display is launched over the water near the Braga Bridge in Fall River. The magnificent show can be seen throughout much of the city, but the best seats are on the waterfront. For a unique experience that everyone in your family will enjoy, head over to Battleship Cove and grab your tickets for their 4th of July event. For just $8.00 per person, you can get a view unlike any other and watch the fireworks from the deck of the USS Massachusetts.
If you do not want to spend money in order to see the fireworks, then you can line up anywhere near the waterfront for an amazing view! And if you are looking for something to do for a 21+ crowd, The Tipsy Seagull and The Cove Restaurant on the waterfront are two great places to grab a dink before settling in to watch the show.
The display begins at 9:30 PM and will last about a half an hour.
New Bedford, MA
The New Bedford waterfront is one of the most underrated beautiful places in the area, and that beauty is just magnified during the annual 4th of July Celebration. The event takes place at 9pm and goes until about 9:30pm. Each year Mayor Jon Mitchell and the City of New Bedford present The Fireworks Spectacular. The fireworks can be seen from lower Union Street and Front Street.
The State Pier will not be open to the public, and parking is unavailable there on July 4th.The lower portion of Union Street will also be closed to vehicles to enable viewing for event-goers. Event-goers are encouraged to park at the Zeiterion and the Elm Street Parking Garages.
PARADES
Westport, MA
The 4th of July parade in Westport is exactly what you can expect from the coastal beach town. From boats to tractors to fire trucks, the little parade is perfect for townies and tourists alike. The parade starts up on Main Road near Saint Johns Church, and ends at the Westport Junior/Senior High School. The parade begins around 9:30 AM and traffic will be stopped on Main Road at 9:15, so find your seats before then!
Bristol, RI
America’s oldest 4th of July celebration is right around the corner from us! Bristol, Rhode Island has hosted a celebration for 232 consecutive years, and they sure know how to celebrate! The parade begins at 10:30 AM at the corner of Chestnut Street and Hope Street and ends on High Street, between State Street and Bradford Street.
This parade is the biggest in the area, so give yourself plenty of time to park and find a seat along the route. It is also recommended that you bring food, water and sunscreen because it is a long parade and you will be sitting out for a while. For more information about what, and what not, to do at the Bristol 4th of July Parade click here!
Massachusetts is a beautiful state, with so many wonderful places to explore. OnlyInYourState.com is an entire site dedicated to all of the amazing places to see in Massachusetts, and this week Westport made the list. Horseneck Beach State Reservation was named as the “Most Beautiful Campground in All of Massachusetts.”
This stunning campground is a gem on the Southcoast. With over 100 spots to pitch your tent, this campground is on of the most popular Oceanside campgrounds in the state. The reservation is a massive 600 acres, with both beach and wilderness to explore. Walk over 2 miles of beach with nothing but water and sand as far as the eye can see. Fall asleep to the sounds of the waves crashing against the shore, and the birds chirping in the early morning.
This quiet spot in the middle of the quant country town is the perfect place to unplug from the world. Roast marshmallows over the fire at night, while the moonlight reflects off the water and illuminates your campsite. Come morning, enjoy a sunrise walk on the sand, or sleep in and spend your day laying on the beach. Your kids will have plenty to do, with plenty of space for sandcastle building and waves to splash in. The campground also has basketball and volleyball courts, ad well as a playground, so there is always something to do.
The campground includes a full comfort station, with flush toilets and hot showers. Each individual campsite is also equipped with a picnic table and grill, so you can have a home cooked meal right on the beach.
The campsites are located in the dunes just behind Gooseberry Neck, so you have the option of exploring that beach or heading down toward the sandier Horseneck beach just a bike ride away.
To reserve your summer getaway, click here!
Sagres Restaurant
Fall River, MALooking to take your dad out to a fancy dinner without breaking the bank? Then Sagres on Columbia Street in Fall River is the place to go. This Portuguese restaurant has nearly every dish your taste buds could desire. And with an atmosphere that feels more like a fancy Boston restaurant than a place in the heart of Fall River, you get the vibe of a trendy downtown joint with Southcoast prices.
The Head Town Landing Country Store
This adorable country store on Old County Road in Westport is the perfect spot to spend a sunny Father’s Day morning. The little shop smells like brewed coffee and freshly made donuts, giving your nose a treat as soon as you walk through the door. The shop also sells ice cream and Dels lemonade, so if you don’t make it there until later in the day, your Dad still won’t be disappointed. Grab a seat by the river, and watch the ducks play as you enjoy your perfect little Father’s Day.
The Tipsy Seagull
Grab a drink with this Father’s Day at the Tipsy Seagull in Fall River. This waterfront bar and grill is a great place to spend a casual Father’s Day with Dad. The drinks are strong, the food is delicious, and the waterfront view is gorgeous. If you want a Father’s Day full of laughs, sun and food, then the Tipsy Seagull is for you!
Roger’s Coney Island Hot Dogs
Not much says Father’s Day more than sharing a hot dog with Dad! This classic hot dog stand on North Main Street has always been the go to place to grab a hot dog in this city. Two Classic Roger’s hot-dogs and fries: $6.50. The memories: priceless.
The Boat House
Tiverton, RI
This water front restaurant in Tiverton is a gem right in our backyard. Recognized as one of the Top Scenic Views in the United States by OpenTable diners in 2011, 2012, 2013 and 2014, The Boat House is a great place to take your Dad this Father's Day. This restaurant serves some of the freshest New England seafood in the area, so the place is always packed with people. Pro tip: make a reservation a couple of days before so you don’t have to worry about the wait!