#BOSTONHOT
As I mentioned in my previous post, Boston’s housing market is hot! Fast-forward one week, and even the folks at Zillow agree. They predict Greater Boston will be one of the top ten hottest national housing markets of 2014. Their reasoning (similar to what I suggested last week): lower than average unemployment, strong local jobs market, and solid population growth. If Boston’s newly-elected political leadership should choose (and I think they will – more on that later) to take that queue and run with it, Boston could be the top national housing market of 2014.
Boston’s New Leadership Gets It
Boston’s Mayor-elect Marty Walsh recently announced the full formation of his Transition Committee’s Issues Working Groups. One group, solely focused on Housing is lead by Vanessa Calderon-Rosado, CEO of Inquilinos Boricuas en Acción (IBA), and Joe Kriesberg, CEO of Massachusetts Association of Development Corporations. By these appointments, Mayor-elect Walsh reinforces his campaign’s commitment to provide for quality, affordable housing for all of Boston’s residents.
In addition to providing affordable living opportunities for all Bostonians, Mayor-elect Walsh believes in building and innovating housing development around public transit stations; similar to an approach that helped transform Seattle and bolster its economy. This type of proposal should resonate well with Boston’s new City Council, which, for the first time since outgoing Councilor Mike Ross lived in Beacon Hill, will have two members living in downtown neighborhoods in Josh Zakim (Back Bay) and Michelle Wu (South End). Along with Councilor Ayanna Pressley (an Ashmont resident who prides herself on traveling Boston via the MBTA), Tito Jackson, and Matt O’Malley, this group could speak loudly for the city’s younger professional population, who want to live, work and play in a relatively small geographical area, mostly near public transportation.
Recommendations
Once Boston’s newest leadership is sworn-in, they would be wise to quickly huddle up with the Commonwealth’s transportation chief and Back Bay resident Rich Davey (who regularly uses the Green Line), and fast-track development around Boston public transportation stations. By doing so, they will help curtail the soaring housing costs for first-time home-buyers, and spur economic growth along the way.
2014 Predictions
As a former state representative, lifelong resident of Dorchester’s Savin Hill and former head of the Boston Building Trades, Mayor-elect Walsh has attracted a bright and diverse set of supporters and intellectuals to his team. He and his administration, along with his city council partners will act fast to help produce more affordable housing for all income levels. This means simplifying the development process to increase the housing supply (main contributor to high housing costs) and encourage more diverse housing options (e.g., building tall near public transit).
With borrowing costs still relatively low for consumers, the faster our city government acts, the better for our short and long-term economic prospects!
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