We have apparently seen the future of new residential construction in Boston, folks – and it involves little or no parking spaces.
The Boston Redevelopment Authority made it clear that the need for parking is passé in a recent article in The Boston Globe. The BRA has slowly begun to shun the automobile, in favor of a more pedestrian-oriented, public transit-focused, car-sharing way of living.
“We don’t need a parking space for every bedroom in every new building,” Peter Meade, head of the Boston Redevelopment Authority, told the Globe.
Parking is pricey in Boston. It’s pricey in a lot of towns around Boston, too. So the move makes it easier for developers to get creative; but if you own a car, it’s going to get a lot more difficult to find a space.
Meade points to U.S. Census data, namely that more people are using public transportation and walking to work, as a big reason for the policy shift. And, in fact, the data back this up. According to a 2009 U.S. Census report, Boston ranked fourth in a list showing the top cities using public transportation, or simply walking to work because they’ve chosen to live close to their job.
As the city of Boston and other East Coast cities and towns try to lessen the impact of global warming, this approach to development makes sense. Developers are probably happy that the parking component of their plans just got a little less cumbersome. But let’s not lose sight of the fact that the other side of this arrangement – the city, and the MBTA, to some extent – needs to make sure that those same commuters have easy access to transportation options.
A Staggering Economy
The latest jobs numbers for June are an indication that the economy is coming back. It’s not really roaring back to life, but the overall picture is rosier than it was during the Great Recession.
Unemployment stayed at 7.6 percent as nonfarm payrolls grew by 195,000 for the month, according to the Bureau of Labor Statistics. Economists were hoping for 165,000 more jobs and a decline in the unemployment rate to 7.5 percent.
The better-than-expected numbers triggered fears about just how much the Federal Reserve will reign in monetary policy. But Federal Reserve Chairman Ben Bernanke, citing still-high unemployment figures, seemed to soothe fears last week by saying the Fed’s loose monetary policy will continue. And while the Fed won’t be cutting off support anytime soon – and it certainly won’t considering Bernanke’s comments last week in Cambridge – increasing interest rates will most likely put a little damper on the real estate market.
But here’s a fact: rates are still low. Very low. And consumer confidence is increasing, mostly due to the rising stock market and booming real estate market.
In the end, however, none of this will matter if those searching for jobs continue to face a harsh employment climate.
