BOSTON (WBZ NewsRadio) — Boston Mayor Michelle Wu announced the creation of a Rent Stabilization Advisory Committee on Thursday. Rent stabilization encourages cities and towns to set certain limits on annual rent increases for existing tenants.
The committee members will examine local housing conditions and how other cities are tackling the issue of stabilizing rents. They will be tasked with making recommendations to Mayor Wu on how to help Boston tenants from ever-growing rent prices and displacement.
"The majority of Boston residents are renters, and our renters are rent burdened," Wu said at a press conference announcing the committee. "It is unsustainable how much our residents and families are having to scrape together just to make rent."
The committee is made up of housing advocates, developers, tenants, and other stakeholders, including Abundant Housing Massachusetts Board President Benyazmin Jimenez and CEO and President of Boston Residential Group Curtis Kemeny, who were also present at the press conference.
"This is the number one concern on residents' minds all across our city," said Wu. "How we will afford to stay, how we can make ends meet when housing prices continue to go up and the needs are so great coming out of this pandemic."
Boston currently ranks third in American cities with the highest rent, behind New York City and San Francisco.