Walsh Administration: Boston’s Growing Population Calls for 53,000 New Housing Units by 2030

In an effort to accommodate an estimated 20 percent increase in the city’s housing stock over the next 16 years, the Walsh administration has come up with a new housing plan for Boston.

In an effort to accommodate an estimated 20 percent increase in the city’s housing stock over the next 16 years, the Walsh administration has come up with a new housing plan for Boston.

Boston 2030- Sources of New Housing Production 2

Boston 2030- Sources of New Housing Production 2

Called “Housing a Changing City: Boston 2030”, the plan comes one year and a half after former Mayor Thomas M. Menino launched “Housing Boston 2020,” an ambitious plan to add 30,000 new housing units in the city by the year 2020. Now, the new strategy advanced by Mayor Martin J. Walsh aims to create 53,000 new units of housing largely built by private developers—of which 20,000 will be affordable, targeting residents with incomes between $50,000 and $125,000—at a variety of income levels across the city as the Hub is expected to welcome around 91,000 new Bostonians by the year 2030. “Boston is growing, and I am committed to making sure that the prosperity Boston is enjoying reaches every neighborhood and every Boston resident,” Mayor Walsh said in a statement. Any person who wants to contribute to making Boston better should be able to live and succeed here—regardless of their income level, race, or physical ability,” he added.

Boston 2030 - Demographics of New Housing Production

Boston 2030 – Demographics of New Housing Production

“Boston 2030” also calls for a 50 percent cut in the total number of students living in off-campus rented apartments by building 16,000 new student housing units. By adding these new dorms, around 5,000 units of middle income housing will become available in several neighborhoods across Boston. Furthermore, the city plans to build 5,000 new housing units targeting senior citizens, while another 4,000 units will be constructed to create a vacancy rate that will help stabilize the market and bring rent prices under control.

The new strategy also calls for loosening zoning restrictions in certain areas of Boston, providing more incentives that will support the construction of taller buildings and alleviate development costs, as well as a better use of City-owned land.

While “Boston 2030” comes with a hefty price of $21 billion that will cover both public and private construction projects, with developers expected to pay more for luxury developments in downtown or select outlying neighborhoods for their new housing projects. Additionally, the plan is expected to create over 50,000 construction jobs by the year 2030.

 

Charts courtesy of the Official Website of the City of Boston