The Boston Globe’s Tim Logan reports on what a slowdown in building permits could mean for affordability in the area.
There are growing signs that Boston’s long-running housing boom may soon start to run out of steam.
Building permits for new housing in Boston fell by nearly one-quarter in 2019, city data show. And while the number ticked up 6 percent across the entire area, to the highest level since 2005 as developers migrated from downtown to less-expensive suburban locales, a growing number of those cities and towns have thrown up roadblocks to new projects or elected mayors who promised to slow housing growth.
Meanwhile, the costs of construction and land — especially in the core of the region — have risen steadily. At the same time, rents, while already high, aren’t increasing as fast as they were a few years ago.
Together, the numbers and trends raise questions about how much longer this wave of construction can be sustained, even though more housing is desperately needed in the Boston area.
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