Boston to create 30,000 housing units by 2020
Boston Mayor Thomas Menino joined the Housing Boston 2020 Advisory Panel this morning to announce a new plan to build 30,000 units of housing in the city by the year 2020.
Boston 2020 today outlined plans to leverage $16 billion in public and private investment, in order to meet the changing demographic needs of the city and its residents.
“Boston 2013 is thriving, and well positioned to meet its bright future,” Menino said. “But one thing has not changed: In order to fulfill its promise, we must stay focused on creating housing, because this is an issue that affects every Boston resident. We do not simply need to put roofs over peoples’ heads; we need to think carefully about the right kind of housing for our changing city.”
Housing Boston 2020 will serve as a concrete action plan for the remaining days of the Menino administration, while serving as a blueprint for an incoming administration. Working with the Mayor’s Housing Advisory Panel, city staff and external thought leaders identified four main priorities for the city: accommodating growth; expansion of the middle class; affordable housing for Boston’s workforce; and college and university housing.
Specifically, the plan calls for:
- The addition of 30,000 new units of housing by 2020; 25,000 of these will be private market rate units, requiring $10 billion in new investment in Boston;
- The establishment of a 5,000-unit, $1.5 billion to expand the supply of affordable housing for the middle class;
- The creation of 5,000 new units of affordable, deed-restricted housing, while maintaining 97 percent occupancy rates and preserving 95 percent of expiring affordable housing, requiring $2 billion in governmental and private financing;
- The investment of $1.5 billion to house 10,000 more full-time students, including a new focus on housing graduate students.
Today’s announcement included the chief of housing and the director of the department of neighborhood development, Sheila Dillon, and the director of the Boston Redevelopment Authority, Peter Meade.