Providence City Council announces rent stabilization plan
PROVIDENCE, R.I. (WJAR) — Providence City Council leaders announced a rent stabilization ordinance Tuesday that would cap annual rent increases at 4%, but some argued that the move could backfire for renters.
"We aren't just losing tenants. We are losing the soul of our city," said council member Juan Pichardo, who called the ordinance "common sense."
Providence continues to have some of the fastest growing rental prices in the country, pricing some families out entirely.
"Providence is not affordable for the people who live here," said Council President Rachel Miller.
The stabilizer comes with exemptions. It would leave out small owners with only one rental property and new builds, aiming to incentivize continued building amid the city's housing shortage.
Still, some are sounding the alarm on rent control as policy.
"I do not support the ordinance that was proposed," said Mayor Brett Smiley, planning to veto the ordinance. "I believe strongly it'll make our situation worse and not better."
"It leads to a reduction in tax base, which is something every resident of the city should be wary of. That would lead to a reduction in city services," said RentProv realtor Shannon Weinstein.
According to Weinstein, rent control doesn't get to the root of the issue.
"We could support programs like vouchers, rental assistance, so we can target our resources where it really matters," she said.
Miller said it's just one tool to help families struggling to pay rent.
"Will rent stabilization alone fix the housing crisis? Absolutely not," she said. "It's about keeping Providence affordable for those who live here now."
The ordinance will be officially introduced Thursday.
