Boston is one of the oldest cities in the united states and has a long and rich history. With a strong job market and a lot of interesting cultural attractions, it isn’t surprising that the city became a favorite for those with the means to create a life here.
It also boasts some of the best educational institutions in the country and even the world and many high-performing schools, both public and private. However, despite the many advantages that come with this great city, there is one aspect that puts everything at risk.
Rent and homeownership have always been on the higher side here, but in recent times, the situation is reaching a critical state. As a result, there is an increasing trend of the younger demographic choosing to move out of the city due to housing prices being unsustainable. How have things become this way, and what can be done? Let’s find out.
Why Are Prices So High?
It is critical to understand why housing prices have even gotten this bad. While there isn’t a single main factor, one issue that bears a lot of responsibility is the fact that the construction of new homes is not happening. This is primarily due to zoning and various regulations that make it difficult to build affordable homes.
This sort of restrictive zoning creates a lot of issues, including segregated sections where some parts of the city are overly occupied by the wealthy. In a study conducted by Harvard, it was found that someone hoping to buy a median-priced house in the locality of Greater Boston requires an income of $181,254.
A common sentiment among residents is that the supply of homes is simply not enough. One proposed solution would be to increase verticality and build upwards with taller apartment complexes. This has been achieved with great success in China, where high population density means the only sensible option is to build up.
Sadly, laws are quite rigid in the city, and the logic of “if it’s not broken, don’t fix it” is powerful here. Unfortunately, politicians refuse to upset the apple cart. As one can imagine, people aren’t too happy about the situation, which is why a lot of Boston lobbying firms are starting to be used more and more.
People realize that when politicians don’t care about critical issues, lobbying is one of the more powerful remedies that exist. Thankfully, Boston is home to some of the top lobbying firms in Massachusetts. Boston lobbying firms like Corry Associates are often used by people who wish to see the government take note of important issues.
If you are someone considering this as an option, it is as easy as looking up the top 20 lobbying firms in your locality and finding one that appears capable and well-connected enough that can help you.
What Are the Consequences of Boston’s Housing Crisis Going Unchecked?
The unfortunate part about the housing rates that Boston experiences are that it doesn’t end there. High home prices have a domino effect on other areas of life, and the cost of living in the city has only gotten higher and higher.
When the cost of renting and buying goes up, local businesses try to keep up by raising their fees for other goods and services.
This should ideally happen with a proportionate increase in income, but that doesn’t always happen. When the entire country is experiencing high levels of inflation, the issue only gets exacerbated.
Mental health is also severely affected as people start to lose their sense of safety and security. All it takes is a layoff in these times of AI-caused automation, and people may default on their mortgage payments or rent. Banks are ever eager to repossess, and you end up with another major problem: homelessness.
While the situation isn’t as bad as in places like San Francisco, homelessness in Boston is a problem and is frequently cited by residents as a cause for concern. As housing prices keep increasing, the situation is likely going to worsen, which is why urgent intervention is the need of the hour.
Conclusion
High housing is a canary in the coal mine for problems that lie deep under the surface of a city. Outdated and rigid regulations, zoning, politics, and income inequality all play major roles in the future of Boston’s housing situation.
From once being a great place to raise a family, the city finds itself losing people who now choose to move away or settle down on the outskirts.
With remote work becoming a more valid option for a vast section of society, it makes sense that few people want to pay hand over foot for an unstable housing experience and the accompanying high cost of living.
