Boston Nearly Doubles Developer Fee for Workforce Housing
In a bold effort to boost the supply of workforce housing, today Mayor Marty Walsh is expected to issue an executive order that nearly doubles the fee commercial developers in Boston’s hottest real estate markets pay into a city fund for the production of workforce housing, the Boston Redevelopment Authority's Nicolas Martin tells Bisnow. The new, higher fee applies to developers who choose not to build workforce housing on their market-rate site. Instead, they'll pay into the city's fund. So, for a project downtown, or in the Seaport, or in Fenway, where the fee has been approximately $200k for each mid-market residence, the new fee will be about $380k for each workforce unit the city requires. This is a “huge” change in policy the Walsh Administration has been working on for at least a year, Nick says.