WCVB, November 2023
Mayor Michelle Wu made affordable housing a cornerstone issue for her campaign in 2021, promising to use a third of funds from the city’s Payment In Lieu of Tax program, or PILOT for short, to fund affordable housing development, but since taking over the office, PILOT reform has stalled.
The current lack of affordable housing in Boston is an issue that has stymied both the city and its residents alike. Between rising interest rates, construction costs and the availability of suitable land, building a single unit of housing in Boston—be it a luxury condo or a run-of-the-mill apartment—costs roughly $750,000, according to Ted Landsmark, a board member of the Boston Planning & Development Agency.
These circumstances, alongside other market factors, have caused the price of local rentals to rise at a staggering rate, prompting some prospective renters to bid as much as $300 a month above the asking price on a desired unit.