Could public land be the solution to Boston’s housing problem? MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyers

 A new report looks at how using publicly owned land to develop affordable housing could mean great opportunity and a solution to the state’s housing crisis. The Boston Foundation’s Boston Indicator’s annual Greater Boston Housing Report Card found that if just five percent of publicly owned land could be redeveloped into housing, it could mean more than eight five thousand new units.

 The report noted almost one-fourth of land in Greater Boston is publicly owned with much of it being both vacant and not considered conservation land. The potential of using publicly owned land for housing development is not a new concept in the Bay State. In August, Gov. Maura Healey signed the Affordable Homes Act into law. Called the “most ambitious legislation in Massachusetts history to tackle the state’s greatest challenge housing costs,” the legislation authorized $5.16 billion in spending over the next five years and includes forty nine policy initiatives aimed at addressing rising housing costs due to high demand and limited supply.

 One of those key initiatives includes supporting the conversion of commercial properties into multi-unit residential or mixed-use properties, The report estimates that seven percent, or approximately one hundred and two thousand acres, of land in Greater Boston is owned by the state, and seventeen percent, or approximately two hundred and thirty nine thousand acres, is owned by municipalities. And while much of that land is used for government services, a large portion is reserved for conservation and open space. However the report found a substantial amount of the land isn’t used for government services or conservation and simply sits vacant.

 The report also estimates that more than forty percent of municipal-owned land is vacant and includes more than ninety five thousand vacant acres of municipal-owned land in Greater Boston. On the state side, there are seventeen thousand acres of vacant land. “This volume of vacant property across Massachusetts represents a seemingly incredible opportunity for housing development,” the report states. Targeting public land for redevelopment does come with challenges, most notably due to public procurement laws and housing permitting processes, according to the report. Public opposition is another obstacle. The report noted a dozen situations since 2010 where communities purchased properties to stop a housing development at a cost of more than $50 million of public funds, including Community Preservation Act resources.

The post Could public land be the solution to Boston’s housing problem? appeared first on Boston Agent Magazine.

FIRST TIME HOMEBUYERS