Greater Boston Housing Report Card Shows City Is Less Affordable Than Ever. From B&T
Despite a value decline of 18 percent since the peak of the real estate market in 2005, housing in Greater Boston is less affordable than ever, and that significantly threatens the region’s economic future.
That was the conclusion of the 2009 Greater Boston Housing Report Card, prepared by the Kitty and Michael Dukakis Center for Urban and Regional Policy at Northeastern University, along with The Warren Group, publisher of Banker & Tradesman, and the Citizens Housing and Planning Association.
The article also states that:
“We’re still not in the situation where we are creating housing at all price points that combats the disadvantage in the region, and that’s a serious problem in the medium and long term,” Grogan said.
And by 2006, according to Bluestone, Greater Boston lost 6 percent of its population it had in 2000. People are leaving in search of a cheaper place to live.
Grogan said Boston’s major resource was intelligence: it’s the university and hospital capital of the country. But without enough affordable housing to both retain the talent that comes through the city, and to give local families and their children the opportunity to become that talent, Boston could find itself left behind in the 21st century economy.
“It really goes to the whole talent question: Will this region have the talent, the manpower to have a stable economy going forward?” Grogan said. “We absolutely need to have public policy that will allow people to stay, and let people to choose to stay.”