Apparently Not!He just really wanted to patronizingly explain a French-origin term that 100% of the people on this board are already familiar with.
Boston's low income population is booming actually. Presumably they are getting a govt subsidy one way or another. If you don't qualify for the subsidy, though...where they belong by building more luxury housing but the fact remains that the current existing stock of affordable housing, whether it's currently occupied by the income bracket it is geared to or not, is no where near the level it is needed to accommodate the number of residents in the middle to lower class and that's the real problem.
So what you're saying is the old Yogi Bera-ism: "nobody goes there anymore. its too crowded"At one point, people will be leaving cities similar to the White Flight seen in the 1950s but instead of racism, it's because only the wealthy few can afford to live in them. Again all these problems lead back to a single misconception: you can't just build luxury housing and think that it will push housing prices down to affordable, you have to increase supply at all price levels. Housing is not a homogeneous market.
Expansion of the Transit to outer boundaries of all East, North, West, South is the only solution that will create a balanced environment for all income inequality groups.I think you left something out which is most important. Boston population 1980: 563K. Boston population 2020: >700K
A full 150 thousand more people live in the city vs 40 years ago, a whopping 26% increase. A bubble would be price increases with nothing to justify the increase. As Boston isn't adding more land, this is the crux of the problem.
I agree except for expanding transit east since that's the Atlantic Ocean which I'm going to need to see more details on. One thing I will say is that places like Brockton, Plymouth, Taunton, Worcester and Attleboro aren't that expensive relative to Boston and are for the most part on transit so people of less means do have some options.Expansion of the Transit to outer boundaries of all East, North, West, South is the only solution that will create a balanced environment for all income inequality groups.
Along with possibility solving the traffic congestion issues that are a major problem throughout the state.
Saying there isn't a difference between luxury housing and middle class affordable housing is saying a mansion is the same as a studio apartment. Why do developers build micro units geared towards people with income under 75k? Why developers build different size houses if they are all the same? I'm sure wealthy families, if no luxury houses are available and the only thing available is an apartment in the projects, would rent it, since housing is housing.There is no such thing as luxury housing vs middle class affordable housing. It's all supply & demand. It's housing stock
Here is a partial list that has created the overall bubble demand and housing spikes.
#1 Universities since the 70-80's have been buying Boston housing stock for the last 4 decades but never really replaced or resold those houses to flip in the overall markets
#2 Since 2008 banking liquidity crisis, developers have been very cautious only to build condos towards the International groups with money
#3 Overall costs and restrictions in building anywhere in and around Boston is very costly also can require big capital to offset risk.
#4 Interest rates (low interest rates) Record low rates for 12 years now.
(low Interest rates-- -Increase assets values)
(high Interest rates --- decrease asset values)
#5 Factor in this list along with the subsidizing low income housing you just forced out all the working class families out of the area & there communities.
Also factor in the Universities don't pay property taxes which is putting the cities in tough spot concerning their own public works and maintaining the city services.
It's going to be interesting to watch Boston evolve in the future. There will be extreme income inequality Mass. Very Rich vs very Poor.
Then how do you explain old 2-3 multi-unit houses that used to house section 8 tenants across the city in Cambridge, somerville, malden, everett, Charlestown, Medford, Jamaica plain, Chelsea originally built for low income families now costs millions of dollars to purchase ?Saying there isn't a difference between luxury housing and middle class affordable housing is saying a mansion is the same as a studio apartment. Why do developers build micro units geared towards people with income under 75k? Why developers build different size houses if they are all the same? I'm sure wealthy families, if no luxury houses are available and the only thing available is an apartment in the projects, would rent it, since housing is housing.
If you can't recognize that there are different types of housing, then I bet you think a Maserati is no different than a Toyota Camry and in that case, theres no point to debate with you.
Etik, no one said building luxury housing won't impact pricing on other segments. What I'm saying is building more luxury housing won't lower prices enough in other housing segments to make them truly "affordable."