City Councilmembers propose rent stabilization to keep Providence families in their homes скачать в хорошем качестве

City Councilmembers propose rent stabilization to keep Providence families in their homes

Today in Providence’s Elmwood neighborhood, Providence City Council President Rachel Miller and President Pro Tempore Juan M. Pichardo announced the introduction of a highly anticipated rent stabilization, joined by a large crowd of community members. “Providence renters are cost-burdened—we are the least affordable city for renters in the country. We have to act now to create some stability for Providence families,” said Council President Miller. “This ordinance takes immediate action to give residents the breathing room they need. It stabilizes costs, slows a runaway rent pricing problem that will not regulate itself, and prevents our residents from being forced out of our city, all without slowing growth.” The ordinance will create stability and predictability for Providence renters while supporting a healthy housing market. It allows owners of covered properties to raise rents up to 4% annually, includes exceptions for major tax increases and substantial capital improvements, provides for exemptions for a variety of properties, including new construction and small owner-occupied buildings, and establishes a Rent Board to enforce tenant protections, grant exemptions to property owners, and resolve disputes. The ordinance is a balanced, Providence-specific approach—one that stabilizes housing for Providence families while ensuring property owners achieve a fair rate of return. “Most small, local landlords already try to keep rents reasonable and tenants stable,” said Gabe Long, owner-occupant and local landlord. “This ordinance reflects that reality. It sets clear rules, allows for real costs, and protects renters from extreme hikes, while still allowing us to keep our buildings safe. It gets the balance right, and it makes clear that this housing should be about stability for communities, not profit-maximizing for large corporate landlords.” Providence has the fastest rent growth in the country, even while the national median rent decreased. The median rent in Providence is 40% higher today than it was in 2020. Rising costs have forced working families out of the city and have directly contributed to rising rates of homelessness. Since March 2020, Providence has experienced more than 24,000 evictions. Between 2023 and 2024, Rhode Island experienced a 35% rise in homelessness, the second-highest increase in the country. “Rent stabilization is about keeping Providence livable for the people who call it home,” said President Pro Tempore Juan M. Pichardo. “It brings predictability and fairness to a chaotic housing market by putting an end to excessive rent hikes and creating enforceable guardrails on a market that has been out of control for too long. This is a commonsense, Providence-specific approach that protects working families. It gives large property owners a simple path to seek exemptions as necessary, ensuring continued investment in maintenance and repair. And it recognizes that small, local landlords by and large already operate in the framework envisioned by the ordinance—making modest annual rent adjustments to increase costs.” Councilors point to the introduction of rent stabilization as the next step in a three-pronged housing strategy: increase the supply of housing at all income levels, protect the existing housing stock, and stabilize rent prices. Since the start of the term in 2023, the City Council has invested $55 million in the City’s Affordable Housing Trust Fund, overhauled the City’s zoning policy to increase density citywide, and incentivized private development through tax stabilization agreements. These policies have brought hundreds of housing units to the City—in both deeply affordable, income-restricted developments and market-rate new construction. The Council has also increased annual budget allocations to the City’s home repair program, which provides forgivable, no-cost loans to residents to maintain their properties, and made a one-time $3 million allocation to the program with American Rescue Plan dollars. “Decades of research on housing markets and displacement show that predictable rent increases help families maintain stability and remain in their homes," said Dr. Eric Hirsch, Professor of Sociology at Providence College. "The market alone has clearly failed to provide meaningful affordability, making public intervention necessary. By establishing clear limits, thoughtful exemptions, and a strong enforcement structure, Providence’s rent stabilization ordinance aligns evidence-based policy with local conditions, giving residents the ability to plan for their futures while supporting a functioning rental market.” Last year, the Council’s Housing Crisis Task Force concluded a two-year investigation into the issues residents—including those at risk of homelessness—face in finding and keeping stable housing with the release of an extensive report, which included rent stabilization among its recommendations.