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This Week in Boston Real Estate: Development policy, falling rents and more

by Michael M. Mazek

Two events taking place on the same weekend, and in the same neighborhood of south Boston, speak to the complexity of the broader conversation around housing policy. The Boston Globe pointed out that these two meetings point to the two divergent views on how the city should solve what some would call a housing crisis.

One event, scheduled for Friday, Sept. 28, is a meeting of a national group called YIMBYtown, with the name standing for “Yes In My Backyard.” YIMBYs offer what they perceive as an antidote to NIMBY (“not in my backyard”) movements, by which residents advocate in favor of strict zoning laws that tend to limit real estate development in their communities. YIMBYs generally believe that zoning laws should be relaxed in order to stimulate more housing supply, particularly affordable housing.

The other meeting is scheduled for Saturday, Sept. 29 and is billed as a “People’s Assembly.” The Globe reports that it will involve multiple groups who work to oppose gentrification, specifically the displacement of working-class and minority residents from what some consider excessive, high-priced development practices.

In other local real estate news:

  • Rent throughout the Greater Boston area was 1.3 percent lower on average in August 2018 compared to the same month last year, according to a Zillow analysis. The median rent in Boston that month was $2,366. Zillow economist Sarah Mikhitarian told WBUR that the trend reflects similar behavior seen nationally. “We’ve seen strong apartment growth at the same time the millennial generation largely has started to enter the housing market as buyers, and so some of the demand for rental housing has diminished slightly as those people have chosen to go and purchase a home,” Mikhitarian told WBUR.
  • The first of three condominium towers that comprise the EchelonSeaport development topped off Sept. 25. Developer Cottonwood Group hosted a ceremony for the occasion, featuring Boston Mayor Marty Walsh and other elected officials. The tower is expected to be open by the third quarter of 2019, while the entire complex including 447 luxury condos is scheduled for completion by early 2020.
  • Boston officials are once again faced with a decision on how to proceed with a major highway redesign, and it’s already reminding residents of the infamous Big Dig. The state transportation authority announced plans last year for a $1.2 billion project to remove a bottleneck in the Massachusetts Turnpike near Allston, as well as replace a viaduct underneath the overpass. But The Boston Globe reports that stakeholders are now unsure whether the project should simply build a new stretch of highway at ground level, or build an entirely new viaduct and overpass. Neighborhood activists say that replacing the overpass with a ground-level roadway would improve the area that has long been considered blighted, in part due to the highway. A team of independent consultants hired by the state will produce a report with recommendations on the decision.

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