Many of you have been asking about the status of the proposed legislation capping residential rent increases. The contentious proposal, known as H.B. No. 6588, did not make it out of the Housing Committee’s final meeting this week. Instead, the committee opted to create a task force to study the issue further (H.B. 1050).
As currently drafted, appointments to the task force will be made by leadership of the General Assembly, the Commissioner of Housing and the Commissioner of Economic and Community Development. We will continue to monitor this issue for the rest of the 2023 session, and keep you updated on the task force’s work.
In the meantime, please contact any member of Carmody’s Real Estate & Land Use Team if you’d like to learn more about how this or other legislative proposals may impact your development goals.