Over the course of the next two decades, more than $20 billion worth of construction would add 50,000-plus housing units in Boston, allowing the city to physically account for historic population growth – growth, according to a report by Mayor Marty Walsh’s administration, that’s currently driving prices through the roof.
Update: The full report has been embedded at the bottom.
The 131-page report, titled Housing a Changing City, according to the Boston Globe, was “previewed” by city officials Wednesday. What it is, the Globe’s Casey Ross writes, ” is the mayor’s first comprehensive attempt to address one of Boston’s most vexing problems — a widening income divide undermining economic diversity and pushing families out of neighborhoods where they have lived for generations.”
Here’s a rundown of the reports findings, as reported by the Globe:
- Boston needs to add a total of 53,000 housing units by 2030 – a 20 percent increase;
- A cool $21 billion is needed for both public and private construction;
- The city’s population is expected to balloon 15 percent, to more than 700,000;
- Of the 53,000 additional units, Mayor Walsh wants 20,000 designated as middle-income housing, built mostly by private developers;
- The mayor wants to up annual city funding for low-income housing to $51 million;
- Downtown luxury housing developers would have to pay more and also required to build additional affordable units elsewhere.
- Less-strict zoning and “financial incentives” would be given to “encourage” the construction of tall buildings on the outskirts of the city; and
- Walsh’s plan would cut the total number of students living off-campus –”in private homes”– 50 percent, with the construction of 16,000 student housing units by 2030.
“This plan will allow people to buy homes and stay in their neighborhoods,” Walsh said. “The quicker we create housing, the faster we stabilize the market.” And where exactly would he like to see the bulk of these future housing units developed? Well, near MBTA stations, of course.
Housing a Changing City Boston 2030
Photo via Boston Transportation Department
