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As a younger generation—millennials, as people like to call them—continues to flock to D.C., the price of housing continues to rise.

Because of that, some fear that the increasing property tax rate might cause the District’s longtime senior residents to be pushed out of the city. In response, Mayor Vince Gray signed a bill today to prevent that from happening. The Senior Citizen Real Property Tax Relief Act of 2014 will exempt low and middle-income senior citizens from real-property taxes if they are at least 70-years-old and have owned a residence in D.C. for at least 20 years.

The Office of the Chief Financial Officer previously predicted that the bill, which was first introduced by Councilmember Anita Bonds (D-At Large), will reduce the District’s property tax revenue by $16 million over four years.

“When I first became Mayor, I made a commitment to ensuring that our senior residents remain an integral part of the economic development and growth of our city – and this legislation helps us achieve that goal,” Gray said in a release. “My budgets and my administration’s policies will continue to place a priority on ensuring that our seniors have the option of aging in the place they have called home for decades, even as we continually attract new residents to our vibrant, diverse and growing city.”