Banker & Tradesman Features BCC in “Report: Region Will Need 120K to 190K More Housing Units By 2020

Wednesday, November 14, 2012

Boston Community Capital was recently featured in the Banker & Tradesman article, “Report: Region Will Need 120K to 190K More Housing Units By 2020.”  The article, written by Staff Writer Colleen Sullivan, discusses The Boston Foundation’s Greater Boston Housing Report Card which projected the Greater Boston housing needs through 2020.  Sullivan writes:

“The report comes up with two scenarios for housing needs, one based on current trends continuing, and one based on the idea that Massachusetts' relative economic strengths compared with other states will lead to stronger growth in the future. In either case, an aging population will tend to free up single-family suburban homes as older people downsize or retire elsewhere. Even so, the region will require approximately 12,000 new units of housing per year in the current trends scenario, or 19,000 in the stronger growth scenario.”
“A failure to increase the amount of new construction could make it more difficult for businesses to attract employees to the region, already the third most expensive in the country after New York and San Francisco.”
“Elyse Cherry, CEO of Boston Community Capital, said that the revival in the housing market is already putting pressure on efforts to help get distressed property in the hands of low income homeowners, as the price differential between foreclosed properties and normal properties is being squeezed, making distressed properties less affordable and restricting their financing options.”