Mayor Walsh today announced a new proposal for dealing with short-term rentals that would by default bar investors from buying up units or even entire buildings and offering rentals on Airbnb and similar sites. Read more.
Allston and Brighton residents who say their neighborhoods are being overrun with overpriced investor-owned housing units are organizing to fight for an increase in the number of affordable units developers have to include in their projects and to figure out how to increase the number of condos whose owners actually live in them. Read more.
City Councilor Matt O'Malley (Jamaica Plain, West Roxbury) has had enough of storefronts and apartments that go empty - sometimes for years - in even the swankiest of neighborhoods and wants to begin looking at ways to prod landlords to rent the spaces out that could include "vacancy fees." Read more.
WBUR reports on the opening of its sales office.
The BPDA board yesterday approved a test to make it easier for homeowners to add a single apartment in three neighborhoods - in a program that will include zero-percent city loans of up to $30,000 for any required modifications. Read more.
The City Council yesterday approved a measure that would require landlords of larger buildings to have a specific reason to evict tenants - and to notify the city, so it could alert tenants to their rights, WBUR reports.
Tory Bullock breaks it down.
An annual housing report card by the Boston Foundation and the Dukakis Center at Northeastern University highlights the dark clouds over the region's economic boom: Poverty rates are growing as the cost of living increases due to housing prices - yet the region is failing to keep up with growing demand for housing, at least for people below the highest income brackets. Read more.
David Bates provides a snapshot of our accelerating luxury condo market: More and more new condos are geared at the upper crust, prices of existing units are skyrocketing and Millennium Tower alone could represent $1 billion in luxury condo sales.
Mayor Walsh today announced a $7.5 million loan fund to help "investor owners" buy multi-family units - with the condition they maintain at least 40% of the units as "affordable" for 50 years. Read more.
Mansion Global reports:
Boston is undergoing its biggest residential boom since the 1920s, drawing the attention of wealthy house-hunters who would traditionally stick to New York, Miami, Los Angeles and San Francisco. ...
When completed in the summer of 2018, One Dalton will be New England’s tallest and most expensive residential building on display, with 165 condos priced between $2 million and $35 million.
Boston Displacement is a site that's started showing where tenants are being displaced by gentrification - specifically by landlords seeking to clear out units.
The Crimson reports how the the Allston Brighton Community Development Corp. used a $3 million grant from Harvard to gain loans with which to buy houses in Allston/Brighton to then re-sell to people on condition they live in those houses.
Ironically, one of the first houses the group bought they got by outbidding a couple looking to move from Cambridge to Brighton - they then resold the house to the couple.
Boston Metro reports on what it says is Dorchester's first single-family home to sell for seven figures - in the over-the-bridge part of Savin Hill.
Even in rapidly gentrifying South Boston, $12 million for a 3-bedroom, 2,421-square foot condo seems just a tad high, so we're going to assume that Zillow made a $10.8-million mistake on its initial price listing, rather than fretting that such a dramatic price reduction signals the complete collapse of the South Boston condo market.
H/t Eileen Murphy.
The BRA board today approved an apartment building near North Station where all 239 units will be aimed at people who couldn't afford to live in the other towers rising in the area. Read more.
New York, San Francisco and San Jose beat us, according to the Boston Business Journal, which quotes some Gloomy Gus about how all those new residential units are going to force landlords sooner or later to lower their rents.
Good news: Suffolk County (Boston, Revere, Chelsea, & Winthrop) leads the nation in the percentage of housing considered to be affordable to those in "extreme" poverty (earning no more than $28,300 for a family of four).
Bad news: Only 51 extremely low-income families out of every 100 in Suffolk County are able to access safe and affordable rental housing.
Source: Urban Institute, The Housing Affordability Gap For Extremely Low-Income Renters In 2013
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