The plan, part of a program called Compact Neighborhoods and set to be completed in 2020, will allow young professionals access to housing units in an otherwise overcrowded real estate market. The units are planned to be smartly situated in and around workplace complexes, public transportation, and city village centers.
If the governor's plan pans out as proposed, the additional housing units (including aptly-sized apartments and condominiums), will more than double the inventory of properties available to the market in the state, especially in saturated Suffolk county in which Greater Boston is situated. The governor aims to keep young residents of the state within its borders, and address the growing concern of young professionals emigrating to different states due to lack of available property and affordability of ones currently on the market.
Boston enjoys the influx of young, talented individuals pursuing education in their respective fields.. our aim is to keep them here, innovation and building business ventures, even after they have completed their educational aspirations.
The Governor's plan also incentivizes developers to build more densely, seeking to have at least eight units per acre for multifamily homes, and at least four units per acre for single family homes. Mid- and high-rise developments, on the other hand, must reserve 15 percent of available units to lower-income and first-time home buyers to be eligible for the plan's tax incentives.
Undoubtedly, the governor's plan is in tandem with Mayor's Menino's vision of providing more housing to Bostonians. Everyone, it seems, agrees with the fact that the city and the state must build more to accommodate current and future demand. And with the development and gentrification of the South side of the city, including the Seaport and Innovation Districts, and the breath of new life in Downtown Crossing and the North End, officials have certainly put in place plans to put Boston back on everyone's property map.