Faced with a Housing Crunch, Cape Cod Makes Move to ‘Do Something’
Prices are ballooning, unit construction is stagnating, populations are declining and a housing crisis deserves to be treated as such, Barnstable County’s legislature said last week.
Prices are ballooning, unit construction is stagnating, populations are declining and a housing crisis deserves to be treated as such, Barnstable County’s legislature said last week.
Banks and homebuilders see business opportunities in zoning changes that will allow significantly more Cape Cod residents to carve rental units out of their houses with a significant reduction in red tape.
Residents came into and left the state in equal measure in the pandemic’s alleged urban flight.
The Cape Cod real estate market continues to outperform many other sectors of the Cape’s economy; however, a dwindling lack of homes for sale threaten to set it back in the coming months.
In the midst of vacation rental season, housing officials from Nantucket made the trek to Beacon Hill to join their state senator in a call for new tools, including a real estate transfer tax, help create attainable housing for year-round Cape and islands residents.
Most of Massachusetts’ population growth since 2010 has been focused in Suffolk, Middlesex and Essex counties, according to U.S. Census Bureau data released late last week.
The growing challenges of simply getting to the Cape are putting a damper on its real estate market – home prices on the Cape have taken years to recover after the Great Recession and have only started to gain traction in the last year or two – while also making it that much harder for businesses to get the labor they need.