Harvard Case - Rent Control in Boston, Again?
"Rent Control in Boston, Again?" Harvard business case study is written by Robin Greenwood, Richard S. Ruback, Robert Ialenti, Tom Quinn. It deals with the challenges in the field of Finance. The case study is 11 page(s) long and it was first published on : Jun 13, 2023
At Fern Fort University, we recommend that the Boston City Council refrain from implementing a city-wide rent control policy. Instead, we propose focusing on a targeted approach that addresses specific housing affordability challenges while minimizing potential negative consequences on the housing market. This approach involves investing in affordable housing development, strengthening tenant protections, and implementing a comprehensive housing strategy that considers both supply and demand factors.
2. Background
The case study 'Rent Control in Boston, Again'' examines the potential reintroduction of rent control in Boston, a city facing significant affordability challenges. The main protagonists are:
- The Boston City Council: They are considering reintroducing rent control to address the rising cost of housing and protect tenants from displacement.
- The Boston Housing Authority (BHA): They are responsible for managing public housing and providing rental assistance programs.
- Landlords and developers: They are concerned about the potential impact of rent control on their investments and ability to maintain and improve housing stock.
- Tenants: They are seeking protection from rising rents and displacement, but also need access to safe and affordable housing options.
3. Analysis of the Case Study
This case study can be analyzed through the lens of economic theory, housing market dynamics, and policy effectiveness.
Economic Theory: Rent control is a price ceiling that aims to make housing more affordable. However, economic theory suggests that price ceilings can lead to unintended consequences such as:
- Housing shortages: Rent control can discourage new construction and investment in housing, leading to a shortage of available units.
- Reduced quality: Landlords may have less incentive to maintain and improve properties under rent control, leading to a decline in housing quality.
- Black markets: Rent control can create a black market for housing, where landlords charge higher rents off the books.
Housing Market Dynamics: Boston's housing market is characterized by high demand and limited supply. This dynamic is driven by factors such as:
- Population growth: Boston has experienced significant population growth in recent years, increasing demand for housing.
- Limited land availability: Boston is a densely populated city with limited land for new development.
- High construction costs: The cost of building new housing in Boston is high, making it difficult for developers to build affordable units.
Policy Effectiveness: The case study explores the effectiveness of past rent control policies in Boston and other cities. While some argue that rent control can help protect tenants, others point to evidence that it can have negative consequences for the housing market.
4. Recommendations
To address the housing affordability crisis in Boston, we recommend a multi-pronged approach that focuses on:
Investing in Affordable Housing Development: This includes:
- Public housing: Increasing the number of public housing units and improving existing ones.
- Affordable housing subsidies: Expanding rental assistance programs and providing subsidies to developers to build affordable housing.
- Incentivizing private development: Offering tax breaks and other incentives to developers who build affordable housing units.
Strengthening Tenant Protections: This includes:
- Just cause eviction laws: Implementing laws that require landlords to have a legitimate reason for evicting tenants.
- Rent stabilization: Implementing rent stabilization measures that limit rent increases to a certain percentage each year.
- Tenant mediation programs: Providing resources and support to tenants facing eviction or other housing disputes.
Implementing a Comprehensive Housing Strategy: This includes:
- Addressing zoning regulations: Reforming zoning regulations to allow for more density and mixed-use development.
- Improving transportation infrastructure: Investing in public transportation and other infrastructure projects to improve access to affordable housing options.
- Promoting job growth: Creating jobs and economic opportunities that can help residents afford housing.
5. Basis of Recommendations
Our recommendations are based on the following considerations:
- Core competencies and consistency with mission: Our recommendations align with the mission of the Boston City Council to provide safe and affordable housing for all residents.
- External customers and internal clients: Our recommendations consider the needs of both tenants and landlords, as well as the interests of the broader community.
- Competitors: We have considered the housing policies of other cities and have drawn lessons from their experiences.
- Attractiveness ' quantitative measures if applicable (e.g., NPV, ROI, break-even, payback): While it is difficult to quantify the impact of housing policies, we have considered the potential costs and benefits of each option.
- Assumptions: Our recommendations are based on the assumption that the Boston City Council is committed to addressing the housing affordability crisis and is willing to invest in long-term solutions.
6. Conclusion
Implementing a city-wide rent control policy in Boston is likely to have unintended consequences that could worsen the housing affordability crisis. Instead, we recommend a targeted approach that combines investments in affordable housing development, strengthened tenant protections, and a comprehensive housing strategy. This approach will require collaboration between the city council, the BHA, landlords, developers, and tenants to create a more equitable and sustainable housing market.
7. Discussion
Other alternatives not selected include:
- No action: This option would allow market forces to continue to shape the housing market, but could lead to further displacement and affordability challenges.
- Limited rent control: This option could involve implementing rent control on a limited basis, such as for certain types of housing or in specific neighborhoods. However, this approach could create unintended consequences and may not be effective in addressing the broader affordability crisis.
Risks and key assumptions:
- Assumption: The city council will be willing to invest in affordable housing development and other housing initiatives.
- Risk: Limited funding may hinder the implementation of our recommendations.
- Assumption: Landlords will be willing to cooperate with the city to improve housing conditions and provide affordable units.
- Risk: Landlords may resist efforts to regulate rents or improve housing quality.
8. Next Steps
To implement our recommendations, the Boston City Council should:
- Form a task force: This task force should include representatives from the city council, the BHA, landlords, developers, and tenants to develop a comprehensive housing strategy.
- Conduct a feasibility study: This study should assess the costs and benefits of different housing initiatives and identify potential funding sources.
- Develop a pilot program: This program could test the effectiveness of different housing interventions before implementing them on a larger scale.
- Monitor and evaluate: The city council should regularly monitor the impact of its housing policies and make adjustments as needed.
By taking these steps, the Boston City Council can work towards creating a more equitable and affordable housing market for all residents.
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Case Description
This case explores the merits and drawbacks of Boston Mayor Michelle Wu's proposal to bring rent control back to the city in 2023. It lays out the features, objectives, and potential unintended consequences of this policy, before highlighting the expected impact of rent control on tenants, landlords, and developers. In addition, the case looks back at Massachusetts' long history with rent control to better understand whether rent stabilization efforts enacted in the 1970s and repealed in 1994, following a narrowly decided state-wide referendum, were effective in increasing local housing supply and easing rents in the Boston area.
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