First policy plan of campaign focused on protecting renters and jumpstarting new housing in Boston for middle-class and first-time homebuyers

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BOSTON, MA – Josh Kraft, candidate for Mayor of Boston, today released his “Housing Access & Affordability” plan to protect tenants from rapid rent increases and jump start housing production that middle class residents can afford.

Josh’s multi-dimensional plan, focused on both access to housing and affordability of housing – will turbocharge production by providing incentives to get shovels in the ground, offer meaningful relief for renters, and create new construction jobs.

Under Mayor Wu, Boston has fallen to the bottom of major cities in production of new housing, and rents have increased 20% over the past year and now rank among the highest of any major city in the US. Today, there are permitted projects ready to be built but are held up by city-imposed building requirements – projects that could yield more than 26,000 units of housing.

“On the number one challenge facing our residents—access to housing that regular people can afford—production under Mayor Wu has ground to a halt,” said Josh Kraft. “Having so many permitted projects continue to sit on the shelf generates no new housing, no new jobs, and no new tax revenue. My plan will change that.”

Regarding his plan to provide an achievable version of rent relief, Kraft said, “Mayor Wu promised us rent control three years ago, but quickly abandoned the effort. I won’t do that. My plan is completely voluntary, would benefit both tenants and building owners, and would not require approval from the state legislature. Renters deserve to be protected from massive year-over-year increases and my plan will do that.”

The impact of Mayor Wu’s housing failures has also had an adverse impact on workers. According to data provided by the city, contractors reported two million less hours worked in Boston in 2024 than in 2019. Many of these lost hours were from union workers – many of them people of color – who average $75.00 an hour in wages and benefits.

In developing this plan, Josh engaged with a broad group of policy experts and stakeholders, including housing advocates, developers, contractors, union members, former and current municipal officials, and lenders and investors involved in financing housing projects.

Josh Kraft’s Housing Access & Affordability Plan

Advancing Permitted Housing Developments Stuck in the Pipeline

Today, there are more than 26,000 housing units that have been permitted through the community and city process and ready for construction but are not financially viable under the Wu Administration’s mandates. In addition to the jobs and housing units these would produce, they would generate an estimated $100M to $125M, in new tax revenue annually. 

To streamline the process for building these homes, Josh would:

• Implement a one-time reset to the inclusionary development policy (IDP) for these stalled units by reverting the IDP to the Walsh administration’s policy of 13%. The IDP mandate requires that market-rate housing developments with ten or more units support the creation of income-restricted housing.
•  Increase the number of Bostonians who can qualify for income-restricted units to include working class residents by requiring one-third of units at 60% of Area Median Income (AMI), one-third of units at 90% of AMI, and one-third of units at 120% of AMI. This shift will allow more of Boston’s middle-class workers to qualify for quality  income-restricted housing while also jump-starting the 26,000 units in the pipeline. 

Opt-In Rent Control

Renters in Boston are a vital piece of our city’s fabric, and Josh views it as a priority to ensure that they can afford to live in Boston without fear of landlords gouging their rent. As opposed to Mayor Wu’s failed push for mandatory rent control, Josh’s approach would create a system that benefits both landlords and renters. This program would not need approval by Beacon Hill. Josh’s plan works like this:

• For landlords, the City of Boston would offer them the opportunity to cap their rents at the Consumer Price Index (CPI) plus 5%, not to exceed 10%, per year. The landlords would agree to this agreement for a period of 10 years. For landlords that participate, the City of Boston will offer them a 20% return on real estate taxes. 
• This proposal would target workforce housing: only renters earning below 200% of AMI would be allowed to participate in this program. This plan would benefit middle-class workers, including our teachers, firefighters, plumbers, healthcare providers, life-science technicians, and all other families earning up to 200% AMI. 
• Josh will create a city registry of all the units participating, so that prospective tenants can contact owners directly and avoid costly broker fees. This system will also effectively reduce a barrier to entry for renters and streamline the leasing process for landlords.
•  Landlords would be allowed to adjust rents to match market rate value when a tenant leaves a unit.
• The program would be available to new developments and buildings under six units, including triple-deckers, and the program will allow for a resetting of rents when major improvements are made to the units.
•  A portion of the $100,000,000 to $120,000,000 in annual tax revenue generated from jump starting the construction of the 26,000 permitted units would be used to fund the 20% reduction in taxes for building owners.
• Josh’s program does not need state approval.

Josh Will Reinvest Tax Revenue and Bond it to Support Housing Affordability

Josh will direct a portion of the unrealized tax revenues from jump starting the construction of the 26,000 currently stalled projects and dedicate them to an Affordable Housing Fund available to Boston residents to assist with buying their first home. This would create an additional source of funding to provide support for first-time homebuyers and would complement the One+Boston program and other resources the city currently has in place to provide to first-time homebuyers.  

For more information about Josh Kraft’s campaign, visit www.joshforboston.com

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Media Contact:
Eileen O’Connor
eileen@joshforboston.com
617-806-6999