'It’s Like Threading A Needle': Boston Developers Struggle To Fill Affordable Units As Wu Pushes For More

Jennifer Schultz was quoted in the article, "'It’s Like Threading A Needle': Boston Developers Struggle To Fill Affordable Units As Wu Pushes For More," published by BisNow [sub. req'd] on February 23.

In the article, BisNow examines Boston's lengthy process of getting applicants approved and placed into affordable homes, and how this can leave those units sitting vacant long after a building opens. For example, some new buildings, with dozens of income-restricted units between them, have been open for more than a year and still haven’t conducted a housing lottery, Bisnow reports. Meanwhile, developers are now facing the prospect of having more units to fill.

“My honest fear is that it’s going to be a mess,” Jenn, who works with multifamily developers in the city, told Bisnow. “You already have an understaffed City Hall, and I have already seen time and time again that the process of getting these units released to the market takes much longer than market demand.”

Developers waiting for income-restricted units to be filled continue to carry assets that haven't reached their full value, making it harder for developers to refinance their buildings after completion, she later adds. “They have certain payout milestones that they are supposed to be hitting... You have lenders asking, ‘Why have your lease-up rates not moved from 75% from 2021 to 2022? What’s going on with those units?’”