General Boston Discussion

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Boston’s economy is among the strongest in the US, rating agencies say, despite looming uncertainties - The Boston Globe

Despite threats both to the value of downtown office towers and to federal research funding that flows through the city, Boston’s economy is among the strongest in the country, two premier credit rating agencies said.
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For the 12th consecutive year, Boston has maintained AAA bond ratings from both Moody’s Ratings and S&P Global Ratings — an achievement Chief Financial Officer Ashley Groffenberger likened to winning the “finance Super Bowl.”
[...]
Moody’s noted Boston’s “sound fiscal management” and economic resilience, driven by a diverse mix of industries and anchored by word-renowned health care and educational institutions. However, analysts noted, uncertainty regarding tariffs, immigration, and cuts to the National Institutes of Health funding and other federal support for research and education could lead to higher unemployment, slower economic growth, and demographic shifts.
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Meet Boston has $30 million to boost tourism. Is buying Michelin stars really the best way to spend it? - The Boston Globe

The region’s tourism bureau is paying to have Michelin secretly evaluate restaurants here, but some think that money might be better spent on more local fare.
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The reason Meet Boston can even do this is because the not-for-profit organization has a gusher of money flowing from a three-year-old surcharge on hotel rooms in Boston and Cambridge that generates tens of millions of dollars a year to boost tourism.
So what’s the best way to spend that money?
Some would like the agency to invest more in homegrown grassroots festivals and programming to develop the next wave of signature events that draw visitors from all over New England and beyond. Think the next generation of the Boston Pops Fireworks Spectacular, Boston Calling, and First Night.
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Proceeds from ‘millionaires tax’ are through the roof, according to state projections​

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“The “millionaires tax,” which went into effect two years ago, is expected to generate billions.

State officials announced Tuesday in a letterthat the surtax on high earners has generated more than $2.6 billion in revenue this fiscal year, with two months left.

The money will give state officials billions to spend on transportation and education initiatives. Any additional money raised beyond the $1 billion already budgeted would go to a reserve account, where state policymakers can ask for one-time investments in projects or programs…..”

www.boston.com

Proceeds from 'millionaires tax' are through the roof, according to state projections

The “millionaires tax,” which went into effect two years ago, is expected to generate $2.6 billion for education and transit.
www.boston.com
 
-Not good


‘Still in a housing crunch’: Greater Boston’s slowdown in new home construction continues​


A public housing complex under construction in Cambridge in 2023.


“The past two years have seen a slowdown in housing production in Greater Boston, as the number of new homes permitted has plummeted due to economic constraints.
Now, it may be getting worse.
In its quarterly report issued this month, the real estate firm Colliers said the share of housing inventory under construction in the region fell to a 10-year low in the first quarter of 2025. That means very little housing is being built, in comparison to the typical pace over the last decade.

It’s a sign that Greater Boston’s multi-year slowdown in permitting of new apartment projects is beginning to show in the number of projects that are actually underway or finishing construction.
“All of the economic factors that have slowed construction over the last two years are still impacting the market,” said Jeff Myers, research director at Colliers. “And while none of this is necessarily new at this point, all of those things are compounding, and we’re seeing fewer projects getting to the point of breaking ground.”

www.bostonglobe.com

‘Still in a housing crunch’: Greater Boston’s slowdown in new home construction continues - The Boston Globe

A report this month shows the share of housing inventory under construction fell to a 10-year low in the first quarter of 2025.
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Contractors face the end of the Mass. building boom​

The number of big new projects in the works around the city has dwindled​


South Station tower


“The state's largest general contractors have completed several large projects in the Boston area. Shown is the South Station Tower in Boston, built by Suffolk.”

“General contractors had a strong run in the Boston area with a number of major projects in recent years. That’s coming to an end.”

 
themissinglink said:
www.bostonglobe.com

Boston Calling music festival won’t be held in 2026, organizers announce, but no one will say why - The Boston Globe

The event will return in June 2027, they said in a statement, though numerous people involved in putting on the festival declined to comment on the cancellation.
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Just speculation on my part, but I wonder if the World Cup has anything to do with this. Maybe Harvard is planned to be a practice base for some teams and they'll need the fields, which would mean the festival has to be put on pause for a year.
 
Several people were injured, one critically, after a third-floor deck collapsed in Boston’s Dorchester neighborhood.
Nine people were taken to the hospital after a wooden deck, on the rear side of 39 Harwood Street, gave way at around 10 p.m. Friday, the Boston Fire Department said.
One person’s injuries were considered life-threatening, officials said. That person’s health status as of Saturday afternoon was not known.
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The nimbys have contributed so much to the city! Were a better city now because of them. Scape wanted to build 2,000 dorms and they chased them away with their tail between their legs. 2,000 dorms would have been a huge net positive effect on the local market. Great job guys!


How Boston Missed Its Biggest Chance to Rein in Rents​


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“Scape entered the Boston market with a big splash.

The British developer of student housing announced plans to build as many as 2,000 dorm rooms in the Hub, along with making the city its U.S. headquarters.

Now, seven years later, Scape’s dreams are dust in the wind.

The developer ended up building just one project – an apartment building – and its plans to build student housing have long since evaporated amid neighborhood opposition in the Fenway……..”


Grand Plans for Big Investment​

“Scape certainly had grand plans for the Boston area, with talk of investing $1 billion in projects that would house thousands of students way back in 2018.

In a press release, Scape got a little ahead of itself, taking credit for “solving” the student housing problem before it had even proposed its first dorm or apartment project

“Scape is solving a student housing problem in Boston where an immense off-campus student population is exerting enormous pressure on the supply-constrained housing market, displacing workers and families and driving up rental costs,” the company said in a press release announcing its arrival in Boston.

Clearly, the developer did not grasp the challenges in getting anything approved and built in Boston, a city where NIMBYism is a way of life.

How much of Scape’s failure to launch, besides building a single apartment building on Boylston Street, is due to this naivete or something else an open question.

But this much is clear: The unraveling of Scape’s plans to become a major local developer of student housing represents a major loss for Boston, a city in the grips of one of the nation’s worst housing crises, where college students play a major role in driving up rents………..”

bankerandtradesman.com

How Boston Missed Its Biggest Chance to Rein in Rents

British developer Scape entered the Boston market with dreams of “solving” Boston’s housing crisis with 2,000 units of student housing. Now they're dust in the wind.
bankerandtradesman.com bankerandtradesman.com
 
BronsonShore said:
And I'm right there with them. Boston is a much, much richer city with Chinatown, and I will eagerly NIMBY the shit out of any policy proposals that threaten it.
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Having lived basically adjacent to Chinatown for a decade its basically an urban slum. Sorry but not sorry, we can do better in the middle of the city.
 
We need more slums, I would live in a slum if we actually had one close to transit. Sick of the rent prices
 
Chinatown has been migrating to Quincy for decades now under the existing zoning regime. Restricting the density of Chinatown isn't going to do anything to help preserve the current residents and businesses and if anything continues to encourage displacement through a scarcity of housing. I'm not saying that more can't be done alongside upzoning to ensure protections for existing residents and businesses, but the status quo they're fighting to protect is *already* killing Chinatown.
 
Longfellow said:
We need more slums, I would live in a slum if we actually had one close to transit. Sick of the rent prices
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Lol I feel this. I wish we still had some bad parts left that were cheap so we could have somewhere where rent isnt so insane. Looking at baltimore on zillow where you can buy a brand new waterfront condo for 250k killllls me.
 
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