Greater Boston’s booming housing market may be lucrative to real estate speculators, but the constricted supply of housing isn’t helping those who make long-term investments in their homes, according to a Boston city councilor and housing advocates.
Councilor Lydia Edwards, who chairs the Housing and Community Development Committee and represents East Boston, Charlestown, and the North End, said that if housing production (including affordable housing production) rises to a rate that better meets demand, speculators might be hurt but ordinary homeowners will gain a more long-term perspective on their investments.
“What we’re seeing is an inflation of that value and people buying in like it’s the new stock market in order to get a return that is just unheard of even on Wall Street on housing that they’re not occupying or even – sometimes – renting out,” Edwards said. “If that’s your goal, to make that kind of return on your investment, yes, building a lot more units might actually hurt that.”
Edwards joined Chris Norris, executive director of Metro Housing Boston, and Eric Shupin, the director of public policy for the Citizens Housing and Planning Association, on the Codcast.