2021 Real Estate Observations (Boston, Springfield, Quincy: middle-class, apartment complexes, rentals)

[msRB311]

Apparently Nantucket is where it's at

https://www.bostonherald.com/2021/01...z70KwNJZVFGyso

[wolfgang239]

The recent omnibus economic development bill signed by Baker has some very aggressive housing initiatives attached to it. Communities served by an MBTA station will have certain types of state funding pulled if they don't comply with 15 unit/acre zoning development within a half mile of the station. Imagine that in Weston or Wellesley.... Zoning changes will no longer require a 2/3rds vote at town meeting, just a simple majority.

This has the potential to alleviate some of the pressure on places like Boston, Cambridge, Somerville etc to develop housing to address the crisis. Interestingly it comes at a time where many people are looking to move to the suburbs. I did and specifically looked for a place near the commuter rail.

http://twitter.com/RepAndyVargas/sta...60373881630721

[Boston Shudra]

Originally Posted by wolfgang239

Imagine that in Weston or Wellesley....

I'm especially intrigued by how places like Rowley will handle the changes. Weston may have trouble, but I'm sure Wellesley will be able to comply fairly easily, especially around Wellesley Square and Wellesley Hills. Wellesley Farms is a bit more in "no man's land".

[massnative71]

Originally Posted by wolfgang239

The recent omnibus economic development bill signed by Baker has some very aggressive housing initiatives attached to it. Communities served by an MBTA station will have certain types of state funding pulled if they don't comply with 15 unit/acre zoning development within a half mile of the station. Imagine that in Weston or Wellesley.... Zoning changes will no longer require a 2/3rds vote at town meeting, just a simple majority.

This has the potential to alleviate some of the pressure on places like Boston, Cambridge, Somerville etc to develop housing to address the crisis. Interestingly it comes at a time where many people are looking to move to the suburbs. I did and specifically looked for a place near the commuter rail.

http://twitter.com/RepAndyVargas/sta...60373881630721

Hmmm. This certainly has potential for pretty drastic changes, and will be interesting to see how it plays out. I wonder how much money is at stake for some of these towns to lose if they don't comply.

[wolfgang239]

Someone more versed in public policy could probably explain the impact, but this is the relevant passage from H.5250:

"b) An MBTA community that fails to comply with this section shall not be eligible for funds from: (i) the Housing Choice Initiative as described by the governor in a message to the general court dated December 11, 2017; (ii) the Local Capital Projects Fund established in section 2EEEE of chapter 29; or (iii) the MassWorks infrastructure program established in section 63 of chapter 23A."

Line 1312 is where the description of the zoning requirements begin. The funding and zoning impacts will be very variable depending on the circumstances for each town. Here are the 2020 MassWorks grants that were given out for example. I am honestly surprised this isn't getting much press, it has some very drastic implications.

[robr2]

Originally Posted by Boston Shudra

I'm especially intrigued by how places like Rowley will handle the changes. Weston may have trouble, but I'm sure Wellesley will be able to comply fairly easily, especially around Wellesley Square and Wellesley Hills. Wellesley Farms is a bit more in "no man's land".

In Rowley, it will probably mean that residential development in the 1/2 mile zone will be limited. If someone owns a large parcel in that area will simply have to subdivide residential single lots over a long period of time in order to develop.

Does the law require high density housing or if Rowley wanted to build a shopping center there, that would be fine?

[BostonBornMassMade]

Originally Posted by Boston Shudra

I'm especially intrigued by how places like Rowley will handle the changes. Weston may have trouble, but I'm sure Wellesley will be able to comply fairly easily, especially around Wellesley Square and Wellesley Hills. Wellesley Farms is a bit more in "no man's land".

I’ve seen it in Maryland’s elite and upper middle income locales-they love it. In reality anyone not familiar with the town as is won’t see it as detracting from the town. Simply because high density housing near transit is very normal/expected. The total land area is a drop in the bucket compared to any given towns total land area. This is fantastic news and no doubt will ease some of the pressure in the urban core.

Falls Church VA: https://goo.gl/maps/EKnTdoP2XURfL88s5
Alexandria VA: https://goo.gl/maps/RoY58NsLJRLDniqw7
Shady Grove MD: https://goo.gl/maps/gMDB3fwSFNMHzpJ57
Owing Mills MD: https://goo.gl/maps/HR711atnQjBMD1AK6

[Lampert]

How does a 15 unit/acre looks like? I can't picture it. A 3 story building?

This?

Originally Posted by BostonBornMassMade

Shady Grove MD: https://goo.gl/maps/gMDB3fwSFNMHzpJ57

I like this, kind of reminds me where I grew up, but shorter.

[brk330]

Originally Posted by Lampert

How does a 15 unit/acre looks like? I can't picture it. A 3 story building?

3 new buildings were just announced in Fitchburg that look similar to this - all within a half mile of the train station. One is targeted more for University students than commuters though.

[wolfgang239]

This shows a few different density/neighborhood scenarios

https://www.theurbanist.org/2017/05/...tible-density/