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Proposed Rent Control Could Reshape Massachusetts Housing Supply

Proposed Rent Control Could Reshape Massachusetts Housing Supply

Voters will decide whether to cap rent hikes at inflation or 5%—a move supporters say tenants need now and critics warn could choke new housing supply.

Nina Dale
February 17, 2026

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Good morning. In one of the nation’s priciest housing markets, Massachusetts voters may soon decide whether to impose strict rent caps. The outcome could have major implications for development, investment, and tenant stability statewide.

Today’s issue is sponsored by AirGarage—Stop waiting on month-end reports, get real-time parking revenue insights on demand.

🎙️This Week on No Cap: Alex Samoylovich explains how CEDARst turned overlooked, complex development deals into a scalable institutional platform.

CRE Trivia 🧠

Which city ranked as the most searched relocation destination in 2025?

(Answer at the bottom of the newsletter)

Market Snapshot

S&P 500

GSPC

6,836.17

Pct Chg:
+.050%

FTSE NAREIT

FNER

822.30

Pct Chg:
+1.36%

10Y Treasury

TNX

4.048%

Pct Chg:
-0.054

SOFR

30-DAY AVERAGE

3.66%

Pct Chg:
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*Data as of 2/13/2026 market close.

Controlling Rent

Proposed Rent Control Could Reshape Massachusetts Housing Supply

The state has tried rent control before, but not for decades. Danielle Parhizkaran/The Boston Globe/Getty Images

A November ballot fight over one of the nation’s toughest rent-control proposals is exposing deep rifts in deep-blue Massachusetts.

The proposal: A coalition of housing advocates and labor unions is pushing to cap annual rent increases at inflation, with a 5% maximum. Supporters have gathered enough signatures to place the measure on the fall ballot, pending final procedural steps.

Why it matters: Massachusetts is one of the nation’s priciest housing markets, with average two-bedrooms renting for about $2,560—roughly 74% above the U.S. norm—and Boston closer to $3,370. Supporters say tenants can’t wait for new supply to bring relief.

Political fault lines:

Support: Boston Mayor Michelle Wu backs the measure, and a recent Suffolk University/Boston Globe poll found nearly 63% of voters in favor.
Opposition: Gov. Maura Healey and top legislative leaders warn strict caps could deter development. Developer and landlord groups are mounting a multimillion-dollar campaign—and a legal challenge—to defeat it.

How strict is strict? Unlike Oregon or California, which permit rent hikes above inflation, the Massachusetts proposal would not. Economists point to St. Paul, where a strict cap led to a steep drop in multifamily permits before being eased, while nearby Minneapolis saw construction increase without rent control.

A familiar debate: Massachusetts banned rent control in 1994 after a contentious ballot fight. Legislative revival efforts have stalled, sending the issue back to voters. The proposal would exempt new construction for 10 years and owner-occupied buildings with four or fewer units.

On the ground: Tenants say rent can consume half their take-home pay, forcing tough trade-offs or longer commutes. Small landlords argue past controls hindered maintenance and reinvestment, with some considering an exit if the measure passes.

➥ THE TAKEAWAY

Policy crossroads: Massachusetts’ rent-control fight is a test of how blue states balance tenant protections with housing supply. The outcome could ripple well beyond Boston.

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✍️ Editor’s Picks

ICSC+PROPTECH: The event created for CRE tech and marketing leaders takes place during ICSC LAS VEGAS, the world’s largest CRE event, May 18th - 20th. (sponsored)
Cross-border building: Sumitomo Forestry is acquiring Tri Pointe Homes for $4.5B, expanding its U.S. homebuilding footprint.
AI anxiety: CRE deal activity is rebounding, but growing concerns about artificial intelligence’s impact on jobs and office demand are tempering long-term optimism.
Brokerage bounce: Colliers and Marcus & Millichap raised their outlooks as transaction volumes begin to recover, suggesting early momentum in a long-anticipated CRE deal rebound.
Credit expansion: Private real estate debt is poised for further growth in 2025, with lenders benefiting from wider spreads and reduced bank competition.
Healthcare cliff: Proposed federal healthcare cuts could destabilize already fragile hospital systems, posing significant risks to healthcare real estate operators and investors.

🏘️ MULTIFAMILY

Cooling demand: Apartment owners are seeing softer leasing activity in some major metros as a cooling job market begins to weigh on renter demand.
Housing overhaul: Congress is weighing bipartisan strategies—from zoning reform to tax incentives—to tackle the housing shortage and improve affordability nationwide.
Capital raise: Walton Global is targeting up to $500M for a new housing fund to capitalize on long-term residential development demand.
Ballpark premium: Apartments near Atlanta’s Truist Park traded for more than $70M, underscoring continued investor appetite for well-located Sunbelt multifamily assets.
Green refi: Lendlease secured a $450M refinancing for New York State’s largest geothermal residential development, reinforcing lender appetite for sustainable housing projects.

🏭 Industrial

Sunbelt shift: Public Storage is relocating leadership to Texas while reshuffling its executive team, signaling a strategic pivot toward high-growth Sunbelt markets.
AI tailwind: Data center REITs Equinix and Digital Realty are capitalizing on surging AI-driven demand, positioning the sector as a top beneficiary of tech expansion.
Midwest logistics: Ambrose acquired a $102 million Midwest industrial portfolio in supply-constrained markets, doubling down on steady logistics demand.
Digital debt: Blackstone’s QTS is lining up a $2.1B CMBS loan to refinance three major data center campuses in Northern Virginia, Chicago and Atlanta.

🏬 RETAIL

Portfolio pruning: Kimco is planning $500M in asset sales even as occupancy hits an all-time high, optimizing its portfolio amid strong retail fundamentals.
Tariff toll: A New York Fed report found that consumers and businesses absorbed most of the 2025 tariff costs, adding pressure on pricing across retail and supply chains.
Big box push: Amazon is reportedly planning a second large-format store in the Chicago area, expanding its physical retail footprint.

🏢 OFFICE

Full house: Carr’s Bethesda office property reached full occupancy following a GEICO expansion, marking a rare leasing bright spot in today’s office market.
Downtown discount: Two San Diego office towers sold at steep discounts, highlighting ongoing pricing resets in challenged urban office markets.
Coastal leasing: Lincoln Property secured new leases in Santa Monica, offering signs of incremental recovery in select West Coast office submarkets.

🏨 HOSPITALITY

Booking momentum: Expedia is leaning into strategic growth initiatives after outperforming at year-end, reinforcing optimism in the recovering travel sector.
Resort refresh: The Mauna Kea Beach Hotel joined Marriott’s Autograph Collection, blending legacy luxury with brand-backed distribution power.

📈 CHART OF THE DAY

CRE Trivia (Answer)🧠

According to U.S. News & World Report, Conway, South Carolina topped the list thanks to its affordability and proximity to Myrtle Beach.

Proposed Rent Control Could Reshape Massachusetts Housing Supply

Voters will decide whether to cap rent hikes at inflation or 5%—a move supporters say tenants need now and critics warn could choke new housing supply.