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Boston not affordable, mayor says

Posted by Scott Van Voorhis March 20, 2014 10:35 AM

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More than a few mayors have been known to sugarcoat the problems facing their cities.

So it was interesting to see Boston Mayor Marty Walsh man up to the fact apartment towers taking shape on the city's booming skyline are out of reach for the vast majority of Bostonians.

As I've noted, the new towers opening up in downtown Boston are aggressively seeking to push rents to next level, with $3000 a month studios and penthouses with a monthly tab of $12,000.

"Eight-five percent of the people of Boston can't afford to live in these buildings," Walsh remarked earlier this morning to contractors, architects and labor leaders gathered at the Westin Waterfront for the Massachusetts Building Congress.

Walsh is forming a task force to look at what it will take to spur construction of new housing affordable for middle-class families.

And he said he expects the panel will look at an idea now being used in San Francisco, where city officials are now doling out up to $200,000 in down-payment assistance.

The idea is to give middle-class homeowners a chance of buying in SF, with city getting its money back later when the homeowner refinances or sells.

"We have two Bostons right now, a Boston that is making it, middle class and up, and a Boston that is not," he said.

This blog is not written or edited by or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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