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Old 10-13-2017, 08:14 PM
 
Location: North of Boston
2,944 posts, read 4,921,027 times
Reputation: 2548

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Quote:
Originally Posted by yellowstatus View Post
I don't understand the presumption that Boston ought to be affordable to the middle class. Boston is an exceptional city with respect to cultural amenities, education, and work opportunities. The residential valuations reflect that, and in fact, compare favorably relative to many top global cities. Boston is in a different league than the vast majority of other US cities, and attempts to find comparably affordable houses is disingenuous.

If you are a middle class citizen, then the article is clearly not for you. If you're a global-oriented, career-focused person working in financial services, then you're the target audience. You can get prime flats in Beacon Hill for less than $2MM. Good luck finding something comparable in NYC, London, or Hong Kong.

One of the better replies I have seen here in many years.

 
Old 10-14-2017, 09:08 PM
 
Location: Boston, MA
7,854 posts, read 6,808,966 times
Reputation: 6573
There are prime flats in all those cities for the same price. The difference is that in London and NYC you can also find apartments for like 30 million, for the truly global elite. Those types don't live in Boston.
 
Old 10-15-2017, 07:41 AM
 
403 posts, read 157,133 times
Reputation: 228
Quote:
Originally Posted by bjimmy24 View Post
There are prime flats in all those cities for the same price. The difference is that in London and NYC you can also find apartments for like 30 million, for the truly global elite. Those types don't live in Boston.
There are far more of them in NYC but the penthouses at Millenium tower in downtown crossing went for over 30 million. Also the penthouses at the four seasons tower currently under construction in back bay will go for over 20 million.
 
Old 10-15-2017, 10:00 AM
 
Location: Boston, MA
1,684 posts, read 3,205,708 times
Reputation: 1570
Quote:
Originally Posted by yellowstatus View Post
I don't understand the presumption that Boston ought to be affordable to the middle class. Boston is an exceptional city with respect to cultural amenities, education, and work opportunities. The residential valuations reflect that, and in fact, compare favorably relative to many top global cities. Boston is in a different league than the vast majority of other US cities, and attempts to find comparably affordable houses is disingenuous.

If you are a middle class citizen, then the article is clearly not for you. If you're a global-oriented, career-focused person working in financial services, then you're the target audience. You can get prime flats in Beacon Hill for less than $2MM. Good luck finding something comparable in NYC, London, or Hong Kong.
There are two arguments that you raise here. Firstly, I agree that the article does target those who work in the financial services and it is both smartly and honestly written. Boston is nowhere near a housing bubble for those making upwards of $100K because it's luxury estate really is increasing and supply is meeting demand. The same goes for New York which is also embarking on mega scale real estate projects such as Hudson Yards. Chicago, already more affordable than any other major financial center in the world, is still adding top notch housing stock. A place like Hong Kong on the other hand, has no more room for growth and the only direction it can eventually go is down.

However I have to refute your other argument that Boston should not be affordable to the middle class. Just because a city has more cultural amenities and higher quality education should not mean the city should only go to the highest rent bidders. I understand you're a supporter of free markets and laissez-faire which is pretty much how the real estate market everywhere operates these days but the housing problem contributes to a host of other problems such as income inequality, longer commutes (and hence more air pollution), and ultimately more petty crime like the type often witnessed in major global cities.

This is a classic example of the Filtering Model in housing. Eventually, I don't think the region will stay on a sustainable course unless a balance in housing is achieved. There are steps that both state and local government can take to mitigate the growing supply problem. Most other posters on this thread already gave insight as to what the problems are and what can be done but it takes great political will to make those great changes.
 
Old 10-15-2017, 10:29 AM
 
3,583 posts, read 1,513,048 times
Reputation: 9863
[deleted]
 
Old 10-15-2017, 10:35 AM
 
32,716 posts, read 22,666,022 times
Reputation: 29777
Quote:
Originally Posted by turf3 View Post
I grew up in Dallas and lived there for more than 40 years. How much experience with the city do you have?

I would not pick a small house in Mesquite for myself at this point in my life and career. But you used the term "starter house". A "starter house" implies to me something smaller, less nice, not in the tip top neighborhood, but still in reasonable condition and fairly safe. I showed you what you can get for a starter house in North Central Texas; a 3 bedroom 2 bath house on a small lot within 20 minutes of downtown of a city with a large selection of real middle class jobs that actual Americans might hold. You showed me an apartment about the size of a normal two car garage for about the same money with a roughly similar commute to downtown Boston. And then you have the nerve to claim that Boston housing prices are "reasonable"?

If you prefer the things that are available in Boston, great. I think it is a great city. But the truth is that you will pay an extremely high premium in housing cost to live in Boston. Its housing is not reasonably priced, it is very expensive. Only in the world of high finance whose inhabitants seem to have no connection with the lives of 99% of Americans, would the fact that housing costs less in Boston than in Manhattan, Paris, London, or Tokyo be considered evidence that it is "reasonably priced".

Did I ever say I thought Boston prices were reasonable?

I have enough experience with Dallas to know I would never, ever ever live there.

And yes, you'll pay more to live in NYC, Boston, SF, etc. They're highly desirable places to live. And its funny to know the people in these people aren't "actual Americans". That is a very Texas attitude.
 
Old 10-15-2017, 07:25 PM
 
Location: San Antonio
4,053 posts, read 4,427,547 times
Reputation: 4614
Quote:
Originally Posted by timberline742 View Post
And I can get a three bedroom, 2 bath place an a acre or more for 100k or less in a bunch of parts of the country with no or low paying jobs, or a very limited selection of them which will hinder job mobility. So?


And have you been to the Dallas suburbs? Holy heck, I can't imagine living in that city, never mind it's suburbs. Gross.
You can't get much in the Dallas-Fort Worth suburbs for less than $200K...and its tax rate is about 3 percent of your value. If you want to talk cheap real estate, we should start with the Rust Belt, or other parts of the south. That doesn't apply in Texas metros anymore.
 
Old 10-16-2017, 06:11 AM
 
32,716 posts, read 22,666,022 times
Reputation: 29777
Quote:
Originally Posted by thenewtexan View Post
You can't get much in the Dallas-Fort Worth suburbs for less than $200K...and its tax rate is about 3 percent of your value. If you want to talk cheap real estate, we should start with the Rust Belt, or other parts of the south. That doesn't apply in Texas metros anymore.


I don't want to talk about cheap real estate. It's cheap for a reason. That's why I don't understand people that complain about NYC, or Boston, or DC, or SF, etc real estate prices and go off, well, in Pittsburgh I can get this for this. Pittsburgh is fine, it actually has a decent arts/music thing going on now, but its still cheap for a reason.
 
Old 10-16-2017, 11:04 AM
 
6,980 posts, read 6,696,703 times
Reputation: 4676
Quote:
Originally Posted by timberline742 View Post
I don't want to talk about cheap real estate. It's cheap for a reason. That's why I don't understand people that complain about NYC, or Boston, or DC, or SF, etc real estate prices and go off, well, in Pittsburgh I can get this for this. Pittsburgh is fine, it actually has a decent arts/music thing going on now, but its still cheap for a reason.
DC has more affordable housing than Boston, in the suburbs. Not by a lot, but it's significant. The difference is, they are doing a better job at creating housing there.
 
Old 10-16-2017, 11:06 AM
 
32,716 posts, read 22,666,022 times
Reputation: 29777
Quote:
Originally Posted by massnative71 View Post
DC has more affordable housing than Boston, in the suburbs. Not by a lot, but it's significant. The difference is, they are doing a better job at creating housing there.

See, I hear that DC is even more expensive than Boston from people I know that moved there. I don't know where in the area they're living though.
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