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Providence's Rent Stabilization Debate: Quick Fixes vs. Future Supply
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Providence, Rhode Island grapples with a severe housing crisis, prompting city council leaders to consider a rent stabilization ordinance. This policy aims to cap annual rent increases, providing renters relief amidst skyrocketing prices and low vacancy rates. However, a new report from the Providence Foundation warns that rent caps could deter developers and potentially lead to higher prices in the long run. As city leaders weigh the pros and cons, they must also address immediate needs like preventing evictions and expanding shelter capacity.
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