Boston Offers Tax Breaks to Convert Offices to Housing

LTC Eugene Chu that's what's happening to vacate buildings in the downtown area...
..."Rent Control in Boston Ma. and Average Rent
The tax incentive to convert offices to residential housing comes as average apartment rent in Boston ranges from around $3,400 to $3,700 or more depending on several factors like the number of bedrooms, amenities, and location. Rent.com reports that a one-bedroom apartment in Boston averages $2,500 a month.

And although rent remains high in Boston, there’s also apparently limited supply for demand. A Rent Cafe report rated Boston among the top 20 most competitive rental markets in 2023, with Bostonians competing with about 13 other renters on average for each available apartment.

Meanwhile, rent control, also known as "rent stabilization," has been a widely discussed topic in Boston. Recently, a proposal by Wu to limit rent increases in the city and offer additional protections for tenants was approved by the Boston City Council. However, the proposal still requires support from the Massachusetts legislature.

Opponents of rent control for Boston have argued that it could disadvantage landlords that rely on rental income (like retirees for example), and renters not covered by proposed rent caps. "