Bravo to Mayor Michelle Wu and her team for thinking boldly about ways the city can get housing development unstuck. But her preferred solution – significant tax breaks – raises questions about the viability of high affordable housing mandates.
Boston City Councilors backed an increase in income-restricted units in multifamily developments, a move that real estate industry groups predict will further discourage housing production.
Developers say Boston’s newest version of a plan to increase affordability requirements will virtually halt housing development thanks to tough financing conditions.
Will Boston’s mayor kill the city’s golden goose? That’s the question on the lips of many in the development community as Michelle Wu lays out her proposals to increase development fees and affordable housing requirements.
A dramatic hike in Boston’s linkage fees for all types of new commercial projects, with a big penalty aimed at biolabs will benefit Boston’s neighbors.
Boston city councilors demanded immediate changes to the city’s inclusionary development policy, expressing impatience with the pace of a study on requirements for affordable units in new multifamily projects.
Boston Mayor Michelle Wu announced plans to increase requirements for affordable housing in new developments from 13 to 20 percent of units, raise linkage fees on major real estate projects, and seek Beacon Hill’s approval for a transfer fee on real estate transactions above $2 million.
