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This Week in Real Estate: Airbnb sues Boston, Mayor Walsh releases affordable housing inventory and more

by David Wolf

Airbnb filed a lawsuit against the city of Boston over new short-term rental laws and is asking a judge to block the rules that take effect Jan. 1.

In a federal court filing, Airbnb said Boston’s regulations requiring online rental platforms to police listings and share user information violate state and federal laws. Under the current rules set to take place, Airbnb investors and apartment tenants would be prohibited from renting their homes by the night. Property owners would not be allowed to list more than one unit on the website.

There are 6,300 listings in Boston, according to Airbnb. Mayor Walsh’s administration and some neighborhood groups say the the short-term rentals worsen Boston’s housing shortage. The groups say the landlords take apartments out of the general rental market and leave them by the night to tourists instead of leasing them to Boston residents.

Airbnb has previously sued several cities, including San Francisco where the company is headquartered. The company also sued New York City over a similar law. That case is still currently pending.

In other real estate news:

  • Mayor Walsh released the first ever inventory of Boston’s affordable housing. The list was released with a database of nearly 1,300 projects that shows one-in-five units in Boston is income restricted. The South End/Lower Roxbury had the highest percentage of income-restricted housing stock at 48 percent, followed by Roxbury at 45 percent, and Charlestown and Jamaica Plain both at 25 percent. The analysis of 54,247 income-restricted housing units showed 66 percent of them are restricted to households earning less than 50 percent of area median income, or $43,150 for a two-person household. Mayor Walsh recently increased the city’s overall housing targets from 53,000 to 69,000 new units by 2030. This includes 15,820 income-restricted units to meet the expected population growth.
  • Boston was named one of the best cities for singles by WalletHub. Coming in at No. 12, Boston received a fairly moderate score of 62.63. WalletHub compared 182 cities around the nation, including the 150 most populated. The study compared three factors: economics, fun and recreation and dating opportunities. Atlanta, Denver and San Francisco rounded out the top three.
  • Boston is known for their high priced homes, with nearly 10 percent of homes priced at over $1 million dollars. But compared to other large metros in the country, this is a relatively low number. At 81 percent, San Francisco had the most homes priced at $1 million or more. Nationally, only 3.6 percent of homes are priced at $1 million or more. The estimated median home value in October in Boston was $467,786 and $505,112 in Cambridge. Zillow said those looking to buy a home in the area who are fearful of the high prices shouldn’t be.

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