In April, the Boston Planning & Development Agency (BPDA) approved four projects that could create or renovate 688 residential units. These units will be designated for “income-restricted” tenants. These projects will boost the local construction industry in the short term and create a new consumer base leading to job creation in the long term.
Short term construction industry boon
The proposals represent an investment of $406 million. This influx of cash will go to contractors and property development companies. It is likely that firms will forcefully lobby to become part of these projects simply for the lucrative contracts.
Long-term community impacts
The plans project the updated and new communities “will support nearly 400 indirect or induced jobs.” While some of those jobs may go to the residents in those communities, entrepreneurs searching for a new market may have found it.
This income-restricted housing is meant for those lower-income individuals and families. While trends in Boston and across the country often turn towards luxury housing, affordable housing leaves more people with more disposable income. This project, then, naturally induces almost 700 new Bostonian consumers with a greater ability to spend.
It is in the best interests of thoughtful entrepreneurs to consider how best to meet the ongoing needs of those prospective new residents. Essential goods and services may soon be a very attractive investment in those neighborhoods.
More housing is good for business
As a general rule, the more people who can afford to live in an area, the better that area is for new small businesses and larger enterprises. New developments to meet the needs of new residents may be on the rise.
These prospects may require legal aid from a law firm keenly aware of new developments in and around Boston and insight into municipal real estate law.