On February 27th, the Boston Bar Association held a panel discussion on Mayor Walsh's "Boston 2030" Plan, which seeks to add 53,000 housing units by 2030. Speakers from Boston's Department of Neighborhood Development presented an executive summary of the Plan, which envisions increasing Boston's total housing stock 20% by 2030, generating $21 billion in new development. Audience members included representatives from a wide variety of housing interests, from non-profit housing preservation organizations to large real estate management companies, along with a number of area law firms.
Among its many goals, the Plan seeks to meet the needs of its current and future middle class by creating 20,000 new units of housing affordable to Boston's middle class. To achieve this, the City intends to incentivize development in transit-oriented locations through a mixture of zoning and permitting relief, tax incentives, city-owned land sales, and homebuyer assistance services. Vacant and under-utilized lots in Boston's outer neighborhoods, including many locations along the further Red and Orange line stops, could experience transformative growth and development under the Plan.
If you or your company owns or develops real estate and would like to learn more about opportunities presented by the Plan, or to learn more about how the Plan may affect your goals, please give us a call today. With decades of experience in real estate transactions and development, our office can assist you in realizing your own plans by leveraging these opportunities.