Units may be built in Boston
With the low housing inventory only being the
beginning of the need for there to be more housing in Boston, Mayor
Thomas M. Menino has just formally set out an exact plan to get
this accomplished. Entitled Housing Boston 2020 by the Mayor
himself and his administration, the idea is to add upwards of
30,000 housing units to the city of Boston by the year 2023.
The Mayor hopes that the core details of this proposed
plan will be adopted by the incoming Mayor with the election for
his office coming up in the near future. What he will try to
convince his successor to follow through with is the commitment to
selling large parcels of city owned property to developers at a
discount, increasing fees on real estate developers, putting money
toward affordable housing, and approving some of the 3,600 housing
units that are already awaiting city permits.
The Housing Boom 2020 is a 48-page document which goes
over all of the citys evolving housing needs from now through the
next seven years. What is essentially being proposed is the
permission to allow taller buildings with smaller housing units to
be built, and for there to be more subsidized affordable housing
options. The report indicates that market-rate housing would
compromise 25,000 of the total 30,000 new housing units.
As ambitious as these plans indeed are, it highlights the Mayors
optimistic desire to further housing development, and the
availability and affordability of real estate throughout this
wonderful city. Especially over the past two years we have seen
countless projects get approved by the Boston Redevelopment
Authority with massive backing coming from the Menino
Administration. As a result, the progress the city has made has
been immense and today the real estate landscape’s future here
looks brighter than ever. With the demand to live in Boston only
continuing to rise, it can only be a positive endeavor should the
eventual new Mayor continue to further Mr. Meninos progress in this
regard.
More Information: Boston Business
Journal