A Green Line extension seems like a sure thing, but how will impact the Boston area’s housing market?
Creative Commons: Adam E. Moreira, http://commons.wikimedia.org/wiki/File:MBTA_Green_Line_B.jpg
The Federal Transit Administration announced last week that it will provide nearly $1 billion in funding for an extension of the MBTA’s Green Line, according to a report from the Boston Herald.
The extension will bring Green Line serve to Somerville and Medford via six new stations, the relocation of one existing station, 24 new light rail vehicles and new bicycle/pedestrian paths in Somerville; the FTA’s funds will cover 43 percent of the project, with the state providing the remaining 57 percent.
Greater Transit, Employment Opportunities
In a statement, Massachusetts Governor Deval Patrick praised many aspects of the project, calling it “a major milestone in a project that is about more than transportation.”
“The Green Line Extension,” Patrick said in a statement, “will bring employment opportunity, housing opportunity and recreational opportunity to people in Somerville, Medford and throughout the region.”
Similarly, the MBTA is arguing that the extension will provide better transportation opportunities for residents, while lessening the number of cars on the road and clearing congestion.
New Opportunities…at the Expense of Affordability?
Of course, not everyone is on board with the MBTA’s proposed extension, and opponents have some historical documentation on their side – the Red Line extension from Harvard Square to Alewife Station.
Completed in the 1980s, the Red Line extension succeeded in not only increasing transit options, but also housing and rental costs along its route, with the formerly blue-collar area becoming a destination for deeper-pocketed professionals and hipsters. Furthermore, a recent report from the Metropolitan Area Planning Council found a pattern of “transit-induced rent increases” in the areas surrounding new T stops, with increases anywhere from 25 percent to 67 percent.
“Overall, we expect that 700 to 800 lower-income renter households will be forced to dedicate over 30 percent of their income to housing costs, and conditions will worsen for the 3,600 lower-income renters,” the report stated.
To its credit, the MBTA did indicate that its willing to listen to public concerns as they move forward with the project, and there are bound to be discussions – Boston’s housing market, after all, is facing a crisis in affordability, so it’s a topic on many minds.
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