Boston Mayor Unveils $500M Plan for Affordable Housing
Boston Mayor Marty Walsh (D) announced on Jan. 7 an unprecedented $500-million investment over five years for affordable housing, including a new business and foundation investment fund for creation of low- and moderate-income housing. The investment would “create thousands of homes, all across our city—affordable to a range of incomes, from the most vulnerable to the middle class,” he said in his State of the City address. The city will begin with $100 million in new capital and operating budget allocations. It will generate an additional $400 million in revenue by selling the 1,000-space Lafayette Garage downtown and working with the state legislature to approve a tax of up to 2% on transfer of property valued over $2 million to support affordable housing.