Lack of Housing Production Threatens Local Economy – Greater Boston Association of Realtors

High housing costs and an inadequate housing inventory threaten Greater Boston’s economic competitiveness, according to a report released last week by the Boston Foundation.

According to the report, the Commonwealth must dramatically increase production of housing that would be attractive to young families and a growing workforce. It is estimated that 18,000 units per year over the next several years are needed in the 161 cities and towns covered in the report.

According to the report, permits for all housing in Greater Boston dropped 12 percent in 2006. Single-family housing starts declined by more than 25 percent in 2006 and are predicted to decline 29 percent in 2007.

The lack of entry-level housing and rapid rise in home prices earlier this decade, has led to a reported loss of 50,000-62,000 residents annually since 2004. Many of these young professionals, ages 20-34-years-old, are leaving Massachusetts for states with cheaper housing and better job opportunities.

Doesn’t a housing market slowdown achieve the same thing? Lower prices, more inventory? In a flat but healthy economy (such as we have now?), incomes are still rising, making a homebuyer’s buying power go farther.

Plus, define “entry-level”. Some groups in the state want to force towns and cities to accept higher-density housing so that the cost of building new homes is less, and want to pass the savings on in the form of lower prices.

The best “entry-level” home? It’s not a brand-new home in the suburbs. It’s a 1960’s Colonial in Peabody, or a two-bedroom condo in Medford.

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Updated: 1st Q 2018

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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