Housing experts are sounding the alarm on Massachusetts’ “historic” new housing bill. Here are the details.
Healey Signs Historic $5.1 Billion Housing Bill
Massachusetts Governor Maura Healey has just signed what’s being called the most ambitious housing bill in the state’s history – a huge $5.1 billion juggernaut aiming head-on at the state’s housing crisis. But will it live up to the hype, or is it a case of too little, too late?
The State’s Ambitious Housing Goal
First off, let’s talk numbers. The Affordable Homes Act is supposed to tackle the Massachusetts housing crisis by building or saving a massive 65,000 homes over the next five years. It’s essentially $5.16 billion in funding to supercharge the state’s housing game.
Can Healey’s Plan Solve the Housing Shortage?
That’s more than three times what was shelled out in the last major housing bill from 2018, and it’s packed with 49 policy changes designed to address skyrocketing housing costs and a severe housing shortage. Healey and her team are betting big with this one – hoping to boost affordable housing and improve what’s already out there.
Speeding Up Development
The Affordable Homes Act promises to speed up the creation of affordable and mixed-income housing with $2 billion in funding set aside for projects.
What the New Bill Means for Communities
It’s bringing some major zoning reforms to the table, like letting people build “accessory dwelling units” on single-family homes – basically adding extra living spaces to these houses. Officials say this could add up to 10,000 new housing units.
Public Housing Upgrades
The bill also includes plans to upgrade public housing, support first-time homebuyers, and turn vacant commercial spaces into new homes.
A Step Toward Sustainable Living
It also offers developers incentives to build housing for those less well-off and supports green housing initiatives.
Critics Speak Out
While this all sounds great, not everyone is buying it. Housing experts are crying foul, arguing that the bill, despite its hefty price, doesn’t address the real issues. Some have said the bill is more of a PR stunt than a solid fix for the housing crisis and called it “underwhelming” and “watered down.”
Missed Opportunities
Carolyn Chou from the grassroots activist organization Homes for All Massachusetts says the bill misses key measures that could have helped the state’s poorest residents. It’s not hard to understand why these experts feel this way – some major policies were left out of the final version.
What Didn’t Make the Final Cut?
The local option transfer tax, which could have helped fund affordable housing in high-cost areas like Boston and Cambridge, didn’t make the cut.
Tenant Rights
And then there’s the Tenant Opportunity to Purchase Act. This measure would have given renters the right to make a first offer on properties when they’re up for sale, but it was left out of the final bill. Critics say this was a huge missed opportunity to help stabilize housing for renters and prevent evictions.
The Fight for Fairness That Fell Short
Advocates are also fuming over the lack of protections for working-class Americans and the absence of key tenant rights. “We were disappointed that policies to actually protect working-class people in our state were not included,” said Chou.
Renters Left in the Cold
The bill’s focus is primarily on building new units, but it doesn’t do much for people struggling with rising rents right now. The lack of rent stabilization or streamlined rental assistance means many renters will continue to face tough times.
Healey’s Optimism
Governor Healey is defending the bill as a major win, insisting that it addresses the state’s housing crisis head-on. “We committed to housing as our top priority,” she said during the signing ceremony in Newton.
The Power of Real Estate
But some lawmakers are still grumbling about what didn’t make it into the bill. Senate-backed ideas like requiring landlords to cover broker’s fees and grants for rural housing were left out, and this has left some wondering if powerful real estate interests influenced the bill’s outcome.
Did Industry Influence Water Down the Bill?
These could have been real game-changers for people struggling with the high costs of moving into new rental units.
45,000 New Units and Counting
Housing Secretary Ed Augustus Jr. revealed that, with recent adjustments, the Affordable Homes Act is now expected to create over 45,000 new housing units and preserve 27,000 more.
Can Massachusetts Close Its Housing Gap?
This is an improvement over earlier projections, but it’s not enough to close Massachusetts’s projected 220,000-unit housing gap by 2030. It’s left a lot of skepticism about whether this massive investment will actually improve the housing shortage.
The Future of Affordable Housing
The pressure is amping up on Governor Healey as experts and local residents wait to see if this legislation will actually make a dent in the state’s housing crisis or if she will have to employ more aggressive measures in the future.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
