On December 4, Governor Healey signed a $250 million funding bill that is expected to cover shelter costs through this spring, with a waitlist that keeps growing. Source: Citizens; Housing & Planning Association (CHAPA) https://www.chapa.org/ In related research reported by CHAPA, the Metropolitan Area Planning Council (MAPC) found that over 1 in 5 homes sold in the Greater Boston area from 2004 through 2018 were purchase by an investor or speculator.
The MAPC report, “Homes for Profit: Speculation and Investment in Greater Boston” found that speculative investment in the housing market has exacerbated the lack of affordable housing “by taking naturally occurring affordable homes off the market.” The research showed that investor purchasers “are more likely to buy properties with cash, purchase homes at a discount, and flip properties for profit, making it even more difficult” for families to find housing.
“MAPC’s research showed that investment activity was highest in neighborhoods with relatively low housing prices, a high percentage of renters, and the highest share of BIPOC and immigrant populations. This creates competition in neighborhoods where home prices were once moderately affordable, which results in rapid increases in home values and rents, which is a major driver of displacement.” https://www.mapc.org/news/homesforprofit/
