Over the last ten years lots of new housing has gone up in Boston, just not nearly as much as what’s been built in New York City over the same period. Thank god we just opened our NY Condo market (and got a ton of press doing so…)
The Boston Herald reports, “According to New York University’s Furman Center for Real Estate, New York saw an increase of 170,000 units of housing during the period 2000 – 2008,” while Boston saw a mere increase of 3,147 units, according to the US Census Bureau.
Sure, we know that Boston is teeny-tiny compared to NYC, a difference of about 8 million people, but despite these differences in population size, Boston and NYC matched up in population growth percentage-wise since 2000, both increasing about 4.2% according to The Herald.
If we look at the percentages of new units built between 2000-2008 for both Boston and New York City, the number of units in all 5 boroughs of NYC grew by 5.3%, as opposed to Boston which only grew about 1.25%.
The cost of housing in both areas is relatively high, but if Boston and NYC are both seeing the same increase in population percentage-wise, shouldn’t they see the same increase in new housing percentage-wise? Maybe this means Boston had more available real estate to begin with prior to 2000, or maybe NYC has more available real estate now… Maybe Boston’s increase in large residencies like The Clarendon, The W, and 45 Province, were only counted as one new unit, when in fact they supply hundreds of new units within one condo/hotel… There must be some explanation for this.
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