Economic Development
Rent Control Ballot Initiative Filed for Attorney General’s Consideration
On August 6, a citizen’s petition called An Initiative Petition to Protect Tenants by Limiting Rent Increases was filed with the Attorney General’s Office seeking inclusion on the 2026 General Election Ballot.
The language, if enacted, would apply statewide and limit annual rent increases to a set cost-of-living adjustment based on the Consumer Price Index, with a maximum cap of 5%, regardless of a change in tenancy during the relevant 12-month period. For context, the cost-of-living increase last year was 2.9%, which would have been the maximum allowable rent increase in 2025 if the proposed measure had been in place. In 2022, the cost-of-living increase was 8%, but the measure would have restricted the maximum rent boost to 5%. Owner-occupied buildings with fewer than five units would be exempt, as would new construction for the first ten years of the building’s existence.
Read MoreJudge Dismisses Case Against MBTA Communities Act; Draft BERDO Amendments Released; NAIOP Comments on Article 80 Proposal; Regulatory Deadlines Impacting New and Existing Buildings Approaching
In June, there were important updates related to the MBTA Communities Act, the Article 80 Modernization process, and the City of Boston’s BERDO regulations.
Additionally, the Building Code Concurrency Period between the 9th and 10th Editions ends on June 30, 2025; and statewide large building energy reporting begins June 30.
Read MoreGovernor Signs Economic Development Compromise – Permit Extension Act Included
On November 20, Governor Maura Healey signed The Mass Leads Act into law.
The nearly $4 billion legislation includes several of NAIOP’s priorities including a Permit Extension Act; An Act to Safeguard Municipal Permitting; Establishment of a Permit Regulatory Office; and the creation of a Qualified Data Center Tax Credit.
NAIOP is immensely grateful to Governor Maura Healey, Speaker of the House Ronald Mariano and Senate President Karen Spilka for their leadership to ensure this critical legislation is enacted.
NAIOP also applauds the Conference Committee members, Chairman Aaron Michlewitz; Chairman Michael Rodrigues; Chairman Jerald Parisella; Chairman Barry Finegold; Representative David Muradian; and Senator Peter Durant for their hard work over many months to advance a bold and balanced final bill.
Read MoreADVOCACY ALERT: NAIOP Secures Office Conversation Tax Credit and Defeats Right of First Refusal; Legislature Does Not Advance Economic Development or Climate Bills; Uncertain Future for Boston Proposals
Read on for NAIOP’s legislative wrap-up on the topics relevant to the industry including;
NAIOP’s successful advocacy securing a Nation-Leading Office Conversion Tax Credit, Defeats Right of First Refusal, in Housing Bond Bill;
The status of the Permit Extension Act and other economic development priorities;
The status of the climate legislation; and
The status of Boston’s property tax and BPDA reform proposals.
Read MoreADVOCACY ALERT: NAIOP Opposes Mayor Wu Proposal Seeking Permission to Increase the Tax Burden on Commercial Properties
On April 3 Mayor Wu filed a Home Rule Petition with City Council allowing the City to lessen increases in residential property tax bills caused by declining commercial values by temporarily shifting more of the property tax levy onto owners of commercial and industrial properties. The City Council referred the matter to the Committee on Government Operations.
There have been two public hearings on the proposal, filed as Docket 0642. NAIOP has submitted testimony for consideration in advance of both the hearing on April 16, and the hearing on May 30.
On May 22, NAIOP hosted a briefing and panel discussion regarding the proposed legislation. NAIOP CEO Tamara Small was joined by Jim Rooney of The Greater Boston Chamber of Commerce; Meg Mainzer-Cohen of the Back Bay Association; Marty Walz of the Boston Municipal Research Bureau; Matthew Osborne of Eastern Bank; and Daniel Swift of Ryan, LLC.
Read MoreDain Torpy Files Amicus Brief on Behalf of NAIOP & Massachusetts Association of REALTORS® in Shoucair v. Zoning Board of Appeals of Boston & Others
On March 8, law firm Dain, Torpy, Le Ray, Wiest & Garner (Dain Torpy) filed an amicus brief on behalf of NAIOP Massachusetts – The Commercial Real Estate Development Association (NAIOP) and the Massachusetts Association of REALTORS® (MAR). Because Boston’s zoning appeal bond requirement is established by statutory text that is distinct from, and pre-dates, the Commonwealth’s separate zoning appeal bond provision, the brief urges the SJC to affirm the Superior Court’s imposition of a bond on the appellant in this case without requiring an “in bad faith” determination.
Read MoreGOVERNOR HEALEY SIGNS TAX RELIEF LEGISLATION
In direct response to NAIOP’s advocacy and work convening a broad range of business and economic development groups over two legislative sessions, the final bill includes a language tripling the annual cap on the Housing Development Incentive Program from $10 million to $30 million, and a one-time $57 million allocation to clear out the almost-2,000 unit backlog of shovel ready housing projects in Gateway Cities across the Commonwealth. The bill also includes a NAIOP-supported $20 million increase in the Low-Income Housing Tax Credit, bringing the total annual allocation to $60 million.
Read MoreGovernor Healey Signs FY24 Budget Extending Brownfields Tax Credit Through January 1, 2029
On August 9, 2023, Governor Healey signed the FY24 budget.
In direct response to NAIOP’s advocacy, the final budget includes a five-year extension of the Brownfields Tax Credit through January 1, 2029. Since the beginning of the session in January, NAIOP has worked with the Healey-Driscoll Administration, the Legislature, and a broad coalition of business groups and housing advocates to ensure the extension was considered for early passage.
Read on to learn about other investments found in the final FY24 budget.
Read MoreLegislature Passes Final Budget – Includes Extension of Brownfields Tax Credit
In the afternoon of July 31, the Massachusetts House of Representatives and Senate passed the final FY24 Budget.
In direct response to NAIOP’s advocacy, the final budget includes a five year extension of the Brownfields Tax Credit, which was previously set to expire on January 1, 2024. Since the beginning of the session in January, NAIOP has worked with the Healey-Driscoll Administration, the Legislature, and a broad coalition of business groups and housing advocates to ensure the extension was considered for early passage.
Read MoreWhat’s the Forecast for Commercial Real Estate?
Since the beginning of 2020, fear of a recession has kept economists and policymakers up at night. But even now, despite high interest rates, consumer spending is up, and many are asking – is this the recession we planned for? At a recent mid-year economic overview hosted by NAIOP Massachusetts, the experts dug into the data.
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