Boston's planning agency will soon lose its authority over most city planning, Mayor Michelle Wu said last night in her first State of the City address.
Driving the news: Wu said she'll sign an executive order today establishing a new advisory council as a precursor to a new department that will take over many of the Boston Planning and Development Agency’s responsibilities.
Boston’s real estate market isn’t poised for a crash in 2023.
Here's what Larry Rideout, chairman and co-owner of Gibson Sotheby’s International Realty, says to expect instead.
An uncertain economy is fueling the highest commercial real estate vacancy rate in Boston in over a decade, according to several of the city's top brokers.
Driving the news: Commercial vacancies were over 15% in Boston and the asking price of rents fell 1.1% in the fourth quarter of 2022, brokerage firm JLL reported last week.
Massachusetts is one of the least popular destinations for one-way rentals, according to the country’s largest moving truck rental company.
The big picture: Data from U-Haul shows that people are fleeing the Northeast for warmer areas.
It's no secret that Massachusetts' population far outpaces its housing stock. But new estimates from the D.C.-based Bipartisan Policy Center show how stark the gap is.
What's happening: The number of single-family housing permit approvals dropped by nearly half between the 2000s and the 2010s, according to the BPC's data.
More than half a million Massachusetts residents qualify for housing assistance, yet the state is serving fewer than half of them because of a lack of funding.
Why it matters: The gap has exacerbated the region's housing crisis, prompting families to double up in apartments or to turn to the state's maxed-out emergency shelter system, a new report says.
The tight housing market is beginning to slacken, if only slightly.
Driving the news: Realtor RE/MAX's October report showed 30.7% fewer closings around the country than in the same time period in 2021, with 36.8% more homes on the market.
Part of the Wu administration's $60 million investment in affordable housing options is available to locals now — or at least whenever mortgage rates start to dip again.
Catch up fast: The Wu administration announced in mid-November it's dedicating federal aid from the American Rescue Plan to fund the development of income-restricted housing on 150 parcels and to bolster existing homeownership assistance programs.
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