What Mayor Wu’s State of the City Address means for real estate MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

Boston Mayor Michelle Wu delivered the State of the City Address on March 19. Here are some of the policies she discussed that could affect the city’s real estate market.

Safety

“Boston is the greatest city on earth,” said Wu. She highlighted the major decrease in gun violence in the city in recent years and called Boston the safest major city in the nation. She attributed this progress in part to increased community policing efforts.

Gentrification

Wu took a hard line against gentrification. Over the last three years her administration has taken more than seven hundred homes off the market and reclassified the properties as affordable housing. Her office is also responsible for constructing eleven thousand new units of affordable housing.

Adaptive Reuse

 Plans to convert unused office spaces into more affordable housing are already underway, Wu shared, promising to begin construction on one thousand new homes in the heart of the downtown area by next summer. She invited higher educational institutions to join in this effort, hinting that unused academic buildings could be converted into dormitories or other types of housing. Co-purchasing Wu also touted her recently-launched anti-displacement action plan. The plan’s co-purchasing pilot program will provide zero-percent interest-deferred loans to families who co-purchase homes with separate dwellings for each household.

Energy

 Lower emissions and energy costs for Bostonians is an ongoing priority for her administration, Wu explained. She noted that a new partnership between Eversource and the national grid will put one hundred and fifty million in state funding towards updating poorly insulated or badly-equipped homes and businesses. The program will launch in fall 2025. Furthermore,Wu also promised that all newly constructed “big buildings” in Boston will be required to meet net-zero energy standards.

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