Boston’s population and economy are growing rapidly, so it’s not surprising that construction in the Hub has also accelerated in recent years.
So what’s the problem? It’s a growing concern that as construction and development booms, the workforce responsible for spurring the city’s economic growth is being priced out of their homes and neighborhoods. As Boston goes through an economic growth spurt, there needs to be balance in providing upscale, luxury housing and affordable living for the growing population. For Boston to maintain its identity as the home of innovation and a sought after destination for global leaders like GE, it also needs to remain affordable for those responsible for making Boston so desirable.
As we look toward the future of the city, we want to be able to celebrate the legacy of Boston’s continued growth and development. Earlier this year as part of Imagine Boston 2030 – the city’s first citywide plan in over 50 years – the city of Boston released a report called Guiding Growth: Towards an Inclusive City, which, among other elements, delved into how Boston should guide physical change leading up to 2030. One of the key priorities emphasized was supporting the growth of middle-income workforce housing. Of the 53,000 unit housing production goal detailed in the Guiding Growth report, 20,000 of those units are slotted to be middle-income workforce housing, and of these, 11,000 are to be “market-produced,” meaning they won’t depend on direct financial assistance from the government.
What happens to a city when the men and women building it can no longer afford to live there? It’s vital that as Boston continues to grow and evolve, the neighborhoods within the city accurately reflects the working demographic in order to support sustainable development and remain accessible for families of all economic backgrounds. To help ensure that the units prioritized in Imagine Boston 2030’s report come to fruition, Boston needs developers willing to build buildings that the average Bostonian can call home.
Kenan Bigby
Encouraging Transit-Oriented Multifamily
As cities grapple with how to sustain economic diversity despite growing levels of income disparity, a major shift toward multifamily housing in transit-oriented developments is also essential. In addition to supporting affordable housing in the city’s urban center, it’s important to prioritize developments in Boston’s outer neighborhoods that are located within close proximity to public transportation, which will help support Boston’s growth by allowing the workforce population access to an abundance of opportunities within the city without having to foot the often unaffordable bill that downtown rents typically require.
If we want to create a city that can support residents of all ages, backgrounds and socioeconomic classes, we need to expand access within, and to, the city, so that middle-income residents have the ability to live, work and play in the city. If we are committed to upholding Boston’s reputation as an inclusive, diverse and innovative city, we need to be ready to commit to creative solutions to get there that help promote sustained growth and success.
While deeply affordable housing has public financing supporting it, there are very few equivalent programs for middle-income housing, leaving it up to developers to come up with creative solutions to serve this population. It’s critical that we expand the conversation to include providing affordable multi-family units to middle-income households over the next decades. Promoting long-term economic growth and housing for the middle class will go a long way in creating a lasting legacy of a more inclusive and sustainable Boston where big ideas and innovation can thrive.
Kenan Bigby is managing director at Trinity Financial in Boston.
