HYM’s Tom O’Brien on Why Multifamily?
The wave of multifamily development is driven by more than the fear of buying or the love of public transit. (It's all about the love of communal trash rooms.) HYM Investment Group partner Tom O’Brien (above at a recent industry event) who’s developing 8M SF of mixed-use, including the $700M Government Center Garage and Northpoint, says the area has a long-standing lack of rental housing. For decades, Boston and Cambridge had rent control. Little new product was added to the housing stock of 1930s low-rise buildings. Eliminating rent control in ’92 made it financially feasible to develop new. But many rental properties built in the ‘90s and 2000s were converted to condos. We’re still catching up, Tom says.