A report the Boston Foundation reveals that the number of permits for new housing unit in Eastern Massachusetts is expected to fall by 20% this year, with housing specialists attributing the decline to the high-end market. Boston Globe staffer Tim Logan reports on the the suggested end of the luxury boom and the difficulty in building more moderately priced homes in Boston.
While reasons such as high development costs and tight zoning rules have limited the construction of moderately priced homes, Boston Foundation Director of Neighborhoods and Housing suggests there is huge demand thanks to a growing population of young renters:
“A slowdown would not be good for the region,” Koepnick said. “This is where the rubber hits the road. Are people willing to accept extremely high housing prices, as opposed to making some of the changes that need to be made in terms of how and where we build?”