unlock the commonwealth - belmont-ma.gov · our home prices were at the u.s. average in 1980 and...
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Unlock the CommonwealthHow strong local leadership and new state policy can help
Massachusetts realize its full potential
Massachusetts Housing
Partnership
Belmont Housing Trust forum, June 2016
Our home prices were at the U.S. average in 1980 and are now among the highest of any state
100
200
300
400
500
600
700
800
1980 1990 2000 2010
19
80
pri
ces
= 1
00
U.S.
Massachusetts
Federal Home Price Index – www.fhfa.gov
Our rents are also among the highest, especially compared to our economic competitors.
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
Median Rent by State
Metro Boston has the 3rd highest
rents among the top 50 metro areas in the U.S., trailing only San Francisco
and New York.
Massachusetts: 9th highest rents
In recent years we’ve allowed less new housing than at almost any point since the 1950s.
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
1960s 1970s 1980s 1990s 2000s 2010s
Annual Housing Production in Massachusetts by Decade
Multifamily Single Family
Our zoning rules and local approval process distorts the market’s response to our housing needs.
Most of our economic competitors are producing more housing than metro Boston.
Other metro areas around the country are doing a better job attracting young, educated workers.
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100,000
200,000
300,000
15 -19
20 -24
25 -29
30 -34
35 -39
40 -44
45 -49
50 -54
55 -59
60 -64
65 -69
70 -74
75 -79
80 -84
85plus
Age
2040, Status Quo
Boomer Exodus from the Labor Force
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100,000
200,000
300,000
2010 In Labor Force
Not In Labor Force
-
100,000
200,000
300,000
2020, Status Quo
• Baby Boomers (born 1945 – 1970) comprise 49% of labor force
• One million workers now over the age of 40 will be retired by 2030 (39% of labor force)
• Existing population insufficient to fill vacant positions
Baby
Boomers
Baby
Boomers
Baby
Boomers
Credit: Metropolitan Area Planning Council
Housing Needs Change with Age
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Perc
ent of
Hou
seho
lders
Age of householder
Housing Occupancy by Age, Housing Type, and Tenure,Massachusetts, 2010
Other
Multifamily-Rent
Multifamily- Own
Single Family- Rent
Single Family- Own
Credit: MAPC
What’s keeping us from building smart and producing the housing we need?
Our 351 cities and towns regulate land use with minimal accountability
• Excessive minimum lot sizes
• Little or no opportunity to build multifamily housing
• Single-use zoning with little flexibility
• Local septic regulations that promote large-lot sprawl
• Scant consideration of regional or statewide needs
Some towns are bucking the trend and achieving great results
And there are other positive signs…and also a caution
• New housing is trending toward multifamily and toward metro Boston’s “inner core” – 62% of all housing production last year
• Last year’s overall production was right on target
• Not all communities are doing their part: 2/3rds of last year’s multifamily housing was permitted in just five cities and towns
To compete, we need to change
Legislative proposals now in play:
• Statewide zoning for multifamily housing while retaining local flexibility
• Cluster development as a universal standard
• Revenue sharing with cities and towns that permit the housing that facilities job growth
• Greater regional collaboration
• State-level planning
More information
Clark Ziegler, [email protected]
www.massgrowth.net
www.mhp.net
www.facebook.com/MassHousingPartnership