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The real reason comes down to zoning.
Boston continues to be a zoning dumpster fire with absurd restrictions and a deliberately obstructionist ZBA in place.
Things like height restrictions, huge amount of red-tape, and NIMBYism disguised as "neighborhood associations," etc are central to the problem.
In the mean time, rather than tackle the core supply issue, both the Mayor and the MA legislature are focused on further reducing supply by creating "affordable housing" at the expense of middle class and entry level home owners.
It’s very important that low income people can live in a condo in Back Bay, you fascist.
I mean, San Francisco wasn't really "worth it" either. Nothing that special about either, more a function of supply and demand.
It is stupid, though. You'd think with more remote options not as many people would find city living worth the cost and would leave, but it seems to be as crowded and overpriced as ever.
it’s ridiculous how many renters are getting their rent paid by their wealthy families here. I live in a pretty pricy building with a lot of students, no way they’re paying 2k on their own. the schools here are so pricy too it just attracts wealthy students and wealthy families. Landlords aren’t having trouble renting even with sky high prices. There’s people will to pay it while those that can’t have to move out of the city
Exactly, and as the prices for those schools has increased, so has rent…making the incoming classes wealthier and wealthier. It’s hard for even middle class kids to go to school here without exorbitant loans for on campus housing. The cycle will just continue to repeat and landlords will hike prices accordingly
Boston is an amazing city with a huge diversity of industries. Massive Biotech/pharma presence, and asset management. Also Some of best schools in the world, Harvard, and MIT. Lastly, Hq of two of the top 3 consulting firms in the world…I’m honestly surprised its not higher
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We need to do SOMETHING about foreign money being stashed here. Vacant apartments galore. Every high rise. But let’s make more bike lanes.
Even in suburbs. Several “ghost” homes in Lexington
If you value general safety, blue state politics, health and school systems, then I think Boston is worth it.
Don’t think Boston is going to be considered a rental bubble anytime soon.
Unlikely that any rental bubble would occur. There is an abundance of high paying jobs and a massive influx of office space. Boston also has a severe housing shortage for a number of reasons. The most significant reason is the permitting process in the city is incredibly strict and a time suck causing Developers to wait on City approval and unable to meet the demand.
Heading towards? Where you been?