The downtown Boston rent control debate is coming into play again on Beacon Hill. Some politicians are advocating for rent control legislation that would force landlords how much they can charge for their rental properties. This is just more government control over our lives that would have exactly the opposite effect of what is intended.
I understand that rising rental costs, particularly in downtown Boston, is cause for concern among low and middle-income earners, it can also impede on new residents or companies moving to Boston which is vital to the health of our current vibrant economy, but rent control is not the answer.
It’s basic Economics 101, supply and demand.. When there is not enough of something to meet the needs of those who want it, the price goes up. The bottom line, there simply not enough housing/apartments available in areas such as Midtown or Beacon Hill to meet the demand, thus the higher rental costs. The solution is to increase the housing stock. In other words, build more Boston condos and apartments and continue to convert existing structures into renal units..
Our legislators in Beacon Hill need to encourage new Boston real estate construction. The conversion of unused Beacon Hill or Midtown buildings into housing units are necessary to help reduce the demand and lower the cost of housing and should be encouraged by all.
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