Adam Constantine on MLK Jr.’s impact on housing equality

During the interview, Constantine explains why the industry needs to focus on evoking intentional change rather than launching lackluster initiatives.

Navigating capacity concerns amidst record-high volumes

High loan volumes continues to loom large in the new year, making the “one-stop-shop” approach to the servicing and lending process even more appealing.

How servicers continue to protect neighborhoods amid COVID

We spoke with MCS CEO Caroline Reaves about self-service technology, the shift to virtual and how servicers can prepare for post-COVID success by improving processes today.

How student loan debt impact homeownership

Student loan expert Catalina Kaiyoorawongs shares her practical and tangible advice for people who feel overwhelmed by their student loan debt.

Real Estate

Boston’s ban on Airbnb investor units eases housing shortage

Boston says “thousands” of units will be returning to the market

Sheila Dillon, Boston’s housing chief and director of neighborhood development, said she expects a flood of apartments will hit the market in December when the city’s ban on investor units being used as short-term rentals goes into effect.

“We’re hoping that the units returning to the market will be in the thousands,” Dillon told the Boston Herald this week.

Boston last year banned the use of investor units for short-term rentals via Airbnb and other websites. In November 2018, Airbnb sued Boston in federal court over what it called “draconian” regulations. The company settled the suit in August by agreeing to add a function to its website that asks hosts to enter a city-issued registration number starting Sept. 1. Hosts that don’t provide the number by Dec. 1 will be blocked.

Dillon said an earlier estimate from Airbnb put the number of investor units – measured as units that are rented for most of the year, implying the owners don’t live there – at about 3,000. That’s about half of their listings for the city, the Boston Herald said.

Earlier this year Zillow cited Boston as one of the U.S. cities where the housing shortage has reached a crisis level. A shortage of housing units has been one factor driving both rents and home sale prices to levels that are more than double national averages.

“We’re hoping that more units coming on the market will increase the vacancy rate and units will continue to moderate,” Dillon told the Herald this week. “If we’re building additional housing to influence the rental cost, we need the units that were built to be residential units built to serve full-time residents.”

The average rent in Boston was $3,505 in September, more than double the national average, according to RentCafe. About half the city’s housing units are rentals and half are owner-occupied.

The median sale price of a Boston home was $650,400 in August, according to Zillow. That compares with a U.S. median price of $237,000.

Most Popular Articles

CFPB Director Kathy Kraninger resigns at Biden’s request

Consumer Financial Protection Bureau Director Kathy Kraninger announced Wednesday she is resigning from her post at the request of President Joe Biden’s administration.

Jan 20, 2021 By

Latest Articles

HousingWire Lead Analyst featured on Bloomberg Radio

Logan Mohtashami doesn’t think rising home prices will lead to a market crash. Listen to his interview on Bloomberg Radio hosted by Paul Sweeney and Vonnie Quinn.

Jan 23, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please