Housing is not exempt from the laws of supply and demand.
The largest contributor to Boston’s high housing costs is simple. A low supply of housing.
According to an Apartment List study, between 2010 and 2015, Boston added 4 jobs for every new unit of housing approved. Boston’s recovery from the Great Recession was not met with an equivalent increase in new housing construction, and that resulted in a significant increase in housing costs across the region.
In order to confront this issue, Marty Walsh announced in 2014 an initiative to add 53,000 housing units by 2030. In July, 2017, the Mayor’s office provided an update on this initiative stating that since the 2014 announcement, Boston has completed construction of 13,551 new housing units with another 8,412 units under construction.
Though this is a long-term solution, results are visible and real. According to Zumper, over the past year Boston has dropped from having the third most expensive median one-bedroom rents in the country to the fifth, behind San Francisco, New York City, Washington DC, and San Jose.
Your support of new projects is crucial to battling the increase in housing costs amidst Boston’s healthy and growing economy.