Housing Report Finds Need for More Housing Units by 2020
The Boston Foundation has released The Greater Boston Housing Report Card and has come up with two scenarios for housing needs, one which is based on the current trends in Massachusetts and the other based on the state’s economic strengths compared with other states, which will lead to stronger growth in the future. The report suggests that even with the aging population downsizing and retiring to other locations, the region will still need approximately 12,000 new units annually of housing in the current trend scenario, or 19,000 per year in the stronger growth scenario. Failing to increase the amount of new construction would make it more difficult for businesses to attract new employees to the area. The report recommends that the state take advantage of the low rates to form a land bank to anticipate future needs, forming a task force to determine ways to lower construction costs, and looking at ways to better accommodate Boston’s large and growing student population.