Two significant policy developments are shaping the commercial real estate landscape across New England. For investors, developers, and owners operating in this region, both deserve close attention.

Massachusetts Rent Control: Removed from the Ballot

On June 23, the Massachusetts Supreme Judicial Court removed a statewide rent control ballot question from the November election. The measure would have capped annual rent increases at 5% or the rate of inflation, which would have made it the strictest rent control law in the country had it reached voters and passed.

The court's decision rested on a constitutional technicality. The proposal included an exemption for religious facilities, a provision the Massachusetts state constitution explicitly prohibits from appearing in ballot questions. The measure was struck on that basis alone.

For commercial real estate, the near-term implications are meaningful. Capital that had been held in reserve while this legislation worked through the courts is likely to begin redeploying across the Commonwealth's multifamily and mixed-use sectors. Uncertainty had been a real constraint on deal activity, and that constraint has been lifted, at least for now.

The New Hampshire Connection

The Greater Boston market's influence on southern New Hampshire is well established. When investment activity accelerates across the border, the effects are felt in our market as well, particularly in land acquisition, multifamily development pipeline, and investor interest along the Route 3 and I-93 corridors.

It is worth noting, however, that this outcome should not be interpreted as a permanent resolution. Rent stabilization legislation remains active on Beacon Hill, and proponents retain the ability to refile for the 2028 ballot. The constitutional defect that derailed this measure is correctable. This is a deferral, not a defeat, for rent control advocates, and the CRE community should plan accordingly.

New Hampshire: A Supply-Side Policy Environment

New Hampshire continues to pursue a fundamentally different approach to its housing challenges, one centered on expanding supply rather than controlling price. The progress coming out of Concord over the past two legislative sessions reflects a sustained policy commitment that is worth recognizing.

Last session produced substantive reforms: multifamily housing permitted by right on commercially zoned land and accessory dwelling units permitted by right on most single-family lots. These changes reduce the procedural and regulatory barriers that have historically slowed housing production in the state.

The current session extends that work. HB 1010, which refines the existing multifamily zoning preemption law, has advanced through both the House and the Senate Commerce Committee. Complementary legislation under consideration includes:

• Community revitalization tax incentives to encourage reinvestment in underutilized properties
• Special assessment districts to support infrastructure financing for new development
• Streamlined approval processes for small condominium projects

The underlying market data reinforces the importance of this legislative momentum. New Hampshire's median home price reached $533,000 in May, a 3% increase year over year. While inventory has risen 13%, the market remains historically undersupplied at 1.4 months of available inventory. A balanced market typically requires four to six months of supply. The gap is significant.

Each piece of legislation that reduces development friction moves the needle in the right direction for developers, municipalities, and end users alike.

A Regional Perspective

Viewed together, these two developments highlight a meaningful divergence in how neighboring states are responding to the same underlying housing pressures. Massachusetts has pursued price-based intervention; New Hampshire has pursued supply-based reform. The investment climate in each state reflects that difference.

For those active in New England commercial real estate, the policy environment in New Hampshire continues to present a constructive backdrop for well-structured transactions and development activity. We will continue to monitor legislative progress on both sides of the border and provide updates as the situation evolves.

For questions regarding how these developments may affect your portfolio, active transactions, or investment strategy, we welcome the conversation.