Boston condos
The short answer is: No, Boston is not building too many apartments, according to Frank Petz of Jones, Lang, LaSalle. From Petz:
There is always a risk of overbuilding, but there are plenty of factors that justify the amount of development activity. There is strong demand with all the people moving into the city. There is also a lack of supply. Boston just hasn’t built much of this product over the last 20 years.
How can you not agree? Look at our ridiculous apartment rent and home prices. Look at how many young people move out of the Boston area because of those high costs. The bottom line is that we need more housing.
Now, one can argue: But we’re not building the right type of housing. That’s definitely a legitimate issue. It’d be nice if developers built smaller, more dense housing, not just high-end housing, and it’d be nice if communities let developers produce such housing. But any type of housing at this point is still welcome.
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