Downtown Springfield sports a new grocery store

A Big Y Fresh Express has just opened on the ground floor of Tower Square, ending what some have called downtown's "food desert" status. The store opened in the former CVS space, and offers fresh produce, frozen food, drinks,  baked goods, all the staples of American groceries.The closest supermarkets to downtown Springfield are the Big Y and Price Chopper right across the Memorial Bridge in West Springfield. If you have a car, this is a four minute drive from downtown. If you don't have a car, it involves walking with heavy bags (or a cart) across treacherous traffic or taking about an hour-long bus ride.There are small markets in the downtown neighborhood, but they are specialized to Latin American and Caribbean ingredients. The opening of the Tower Square Big Y brings a vital amenity to downtown residents, and workers in Tower Square will also be happy to shop right in their building. 

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Great Migration of Asian Americans and Pacific Islanders

More people of Asian, Hawaiian, and Pacific Island (aka Asian American Pacific Islander, or AAPI) heritage are moving to Massachusetts, with wealthy families moving to wealthy suburbs right around Boston and poorer families moving further from the city.Malden, Westborough, Acton, Lexington and Shrewsbury all have more than 25% of their population identifying as AAPI at the 2020 Census.Asian-owned businesses in Mass increased by 70% since 2007 and 505,000 AAPI people live in Massachusetts.Read more in this Boston Globe article.

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What does it cost to live in a micro apartment on Dot Ave?

Dot North and the Pleasant Building on Dorchester Ave opened this year as apartment buildings. There are 245 very small apartments currently available, with more being built. So what's the monthly rent?

  • Studios start at $2,500
  • One bedrooms start at $2,975
  • Two bedrooms (with two baths) start at $3,815
  • Three bedrooms (with two baths) start at $4,865

Tenants pay water and sewer, internet, and cable. Heat and electricity are included in rent.If you want to park in the underground garage, that will add $250 per month to your bill. Pets are allowed, but that will also cost you - $50/month for a cat and $100/month for a dog.So for a 550 SF one bedroom apartment (with only a shower stall in the bathroom, no tub) with a parking space and a cat will run a tenant upwards of $3,500 a month.Read more details on the Boston Globe.

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How can Boston protect itself against rising sea levels?

The Wharf District Council, a Boston-based non-profit, has put forward a resiliency plan for the city. They believe that with $1.2 billion of upgrades, the city's waterfront could be saved.Without some kind of action, much of downtown's infrastructure could be underwater or washed away by 2070, as this dramatic image illustrates. The Wharf District Council plan was a privately-funded report. You can read more about the flooding issues in this recent Boston Globe article: This is Boston's biggest challenge

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Will East-West Rail Travel Ever Happen?

Governor Healey put $12 million into her budget to fund east-west rail projects in Palmer and Pittsfield, but that line item was left out of the House and Senate versions of the budget. Jim Kinney of MassLive reported on lack of funding stalling the projects.Healey stated that "fast, frequent passenger rail service from Springfield to Boston remains a priority" and she has support from US Rep. Richard Neal, but not enough from the state lawmakers who created the budget.Another option for funding is an applied-for federal grant that would add two daily Amtrak trips between Boston-Worcester-Springfield.

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Winds, floods, and fires making insurers say no to new policies

The intersection between three current crises: climate, housing, and economic woes was laid out in a recent New York Times article. State Farm, the largest homeowner's insurance company in the state of California will no longer issue new policies for homeowners' insurance in that state, even after repeatedly raising premiums. Not just in wildfire risk areas, but everywhere in the state. The reason? Climate change and the risks of fire and flood don't make it economically feasible.After Hurricane Andrew hit Florida in 1992, insurers suffered devastating losses and many national insurers stopped offering policies in that state. Florida came up with a complex system to insure homes and private insurance companies charged very high rates, but after the 2017 Hurricane Irma, even more insurers (and insured) faced huge losses and left.Louisiana is paying insurers to offer policies in that state, because their residents do not have the income of Floridians and can't pay the new higher rates.The factors causing higher rates are risk of loss due to wind, fire, and flood. And as those risks move farther inland, we can expect property insurance to be offered in areas affected by climate change less and less.

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Supreme Court ruling protects homeowners in foreclosure

Some states, including Massachusetts, allowed municipalities to profit on foreclosure sales by keeping whatever equity was in homes seized in foreclosure. Say a homeowner owed $20,000 in property taxes and the town took the property in a foreclosure and sold it for $120,000. The town would get its $20,000 in unpaid taxes, but if the homeowner had paid $80,000 worth of the mortgage, i.e. had $80,000 of equity in the home, towns in Massachusetts would take that equity.A new (and unanimous) US Supreme Court ruling made that practice illegal. The ruling was on a case in Minnesota, but it applies to all states, including Mass, that keep those surplus proceeds beyond the overdue taxes. A recent study by the Pacific Legal Foundation found that "on average, Massachusetts homeowners subjected to a tax foreclosure lost 87% of their home equity, almost $260,000 per home and the average tax det owed was $36,000."Springfield had the most tax sale properties (129) between 2014 and 2020 and Wareham kept the most equity ($554,597) during that time period. Tallage is a company that handles tax sales for many municipalities and it is often they who keep the proceeds, as this chart shows:There are two bills before the Mass Legislature proposing an end to the practice of equity taking, but they may be moot due to the SCOTUS ruling. Read the whole Boston Globe article here.

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Springfield restaurants get $2 million in ARPA money

Seventeen Springfield restaurants are to receive a total of $2 million in American Rescue Plan Act (ARPA) funds for outdoor dining expansion, according to an article on MassLive.The grantees are:

  • City Line Café - $250,000
  • Student Prince Restaurant & The Fort - $179,450
  • John Boyle O’Reilly Club - $250,000
  • White Lion Brewing Company - $250,000
  • Hot Table - $195,000
  • Nadim’s Downtown - $100,000
  • Springfield Business Improvement District - $35,000
  • Granny’s Baking Table - $46,160
  • Osteria -$75,000
  • Theodores - $65,000
  • UNO Pizzeria and Grill - $100,000
  • Hilton Garden Inn - $75,000
  • Nathan Bills Bar and Restaurant - $75,000
  • The Mamou - $53,332
  • Loophole Brewing - $100,000
  • 2 Guys Pizza - $75,000
  • 1441 Main Street - $75,000
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Land sinking, water encroaching

A recent article in The Boston Globe Land around the US is sinking detailed the "hot spots" of sinking land in the United States. Some of the sinking is due to long-term tectonic activity, some to human extraction from the earth (oil, gas, and coal, water for drinking, and minerals used in LED batteries), causing voids down below that the surface sinks to meet. A small part is due to the accumulated mass of large buildings.Many of the fastest sinking places are in Southeast Asia and are due most to the extraction of clean groundwater for people to drink.The biggest sinkers in the US are along the Gulf and East coasts:

  • Houston is sinking at about 17 millimeters per year and some areas have lost 3 meters of elevation since 1917.

  • New Orleans & Tampa Bay are sinking at about 6 millimeters per year, but some areas in these cities are sinking at 508 millimeters per year.

  • New York is sinking at about 1-2 millimeters per year.

  • Norfolk, VA is sinking at 3.5 millimeters per year.

Groundwater extraction is the biggest culprit in these US cities and some places are taking steps to reduce its extraction. 

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A new view from the Pru

View Boston, a new observatory at the top of the Prudential Center in downtown Boston, opens to tourists on June 15th.  The exhibit spans the top three floors of the Prudential Center. It consists of an open-air terrace and observatory that allows an interactive view of the city's nearly two dozen neighborhoods. The project cost $182 million to construct. It rivals the John Hancock Skywalk Observatory. John Hancock is the tallest building in Boston. The Pru is the second tallest, but it may now have the better observatory.Watch a clip of the view from View Boston from Boston Globe here.View Boston replaces the Top of the Hub, a favorite restaurant at the top of the Prudential Center. It offered diners a panoramic view of the city and classic American steakhouse fare. The restaurant opened in 1965 and was a go-to place for special events like birthdays, anniversaries and graduations. The building owner decided not renew the lease in 2020, despite the restaurant's profitability.The new open-air observatory includes a touchscreen and interactive museum experience, as well as  a cocktail bar at the site. Tickets to entry start at $34.99 for adults. Read more about the new View Boston on the Boston Globe here.

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Why are there so many fatal car accidents in Mass?

Massachusetts has the fourth worst traffic in the world and part of what makes it so bad is the high rate of traffic fatalities.Other developed countries (even ones with terrible traffic), such as the UK and France, have far lower fatality rates. Why is this? asked the Boston Globe recently.Yonah Freemark, of the Urban Institute, says that larger US vehicles (SUVs and trucks) and poor road and sidewalk/bike lane designs are to blame.The Massachusetts legislature works at a snail's pace, according to the Globe and it's going to take major changes to decrease the rate of fatal road accidents.

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The Succinct Guide to Landing a Mortgage as a Freelancer

Guest post by Karyn WinrichOwning a home can be a dream come true, but the path to getting there isn’t always straightforward. And that’s especially the case for those whose income isn’t based on a traditional nine-to-five job.Applying for a mortgage as a non-traditional employee can feel overwhelming, but it’s certainly possible if you plan, prepare, and pursue sound guidance along the way. Below, Daly Appraisal Services walks you through everything you need to know about getting a mortgage as a freelancer or contract employee. So buckle up, and start making your dream a reality!Know How To Win Over LendersLenders tend to be more selective with freelancers, so you need to understand the intricacies of winning them over.

  • Gather your pay stubs, tax returns, bank statements, and any other documents that demonstrate your financial stability. Being prepared will impress the lender and make the process smoother.
  • Make sure you’re paying your bills on time, not applying for new credit, and keeping your credit card balances low. Lenders look for borrowers with good credit scores because it assures them that they’ll repay the loan.
  • Save up a high down payment to show lenders that you’re serious about the investment. A good down payment will also demonstrate financial responsibility and reduce the loan amount.
  • Don’t just settle for the first lender you come across. Take time to research and compare rates and fees until you find the best deal!

Take Extra Steps as a FreelancerAs discussed, freelancers and contract employees often have a more difficult time getting a home loan. Here are a few ways to boost your prospects:

  • Get a mortgage broker to help you find lenders who specialize in working with self-employed individuals. They can guide you through the process and give you valuable advice on getting approved for a mortgage.
  • Start setting aside a percentage of your income each month for your home purchase. Stay consistent, and watch your savings grow!
  • Save money on taxes and protect yourself from potential liabilities by establishing an LLC for your business. Learn how to form an LLC in Massachusetts, and apply the savings to your house budget.

Be SmartReady to navigate the homebuying process like a pro? Here are four general tips to help you along the way:

  • Spend time researching the housing market in your desired area to get a feel for the trending home prices and upgrades.
  • Don’t forget about additional expenses. It’s not just the mortgage payment you need to consider when buying a home; be sure to factor in expenses like closing costs, maintenance costs, and property taxes.
  • Find a real estate agent who knows the local market and who you feel comfortable working with. Along with guiding you through the process, a good agent will negotiate effectively on your behalf.
  • Remember that unexpected expenses can arise during the home-buying process, so prepare to be flexible and adaptable. Keep your end goal in mind and stay positive!

Owning a home is one of life‘s biggest milestones, and it’s well within reach whether or not you fit the mold of a traditional employee. You can approach the mortgage application process with confidence and clarity by implementing the tips outlined above.Remember that it all starts with doing your research, going the extra mile, and making smart decisions. Take that first step today, and you’ll be a homeowner in no time!

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Boston rents continue to increase

Boston Globe reporter Andrew Brinker visited Boston Today studios and breaks down the rental situation in Boston, where the median rent for a one-bedroom is now over $2,000 per month.Brinker talks about his recent series about the difficulties faced by renters in Greater Boston and cites decades of under-building of all types of residential construction, a slower home buying market (due to high prices and high mortgage rates), and rising rents as the reasons.Solutions being taken by renters include living in their vehicles, moving back with parents or other relatives, doubling or tripling up with roommates, or just voting with their feet and leaving the state.We also get the reminder that a healthy vacancy rate is 5-6% and Greater Boston's vacancy rate is 0.49% - meaning there are virtually no available apartments. The expectation is that rents will continue to rise. Even if zoning rules were relaxed today and a building boom happened, it would take 10-15 years for the market to ease up.Watch the 5 minute segment here. 

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2020 Census reveals aging population

The median age of US residents increased from 37.2 in 2010 to 38.8 at the 2020 Census. This was due to a declining birth rate and longer life expectancy for Baby Boomers.Puerto Rico and Maine both had the oldest median age (45.2 and 45.1 respectively) and Utah the youngest (31.3).By 2035, the US Census Bureau predicts there will be more older adults than children by 2035. 

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Old hospital gets new life as affordable housing

The Olmsted Green neighborhood in Mattapan is home to about 1,500 people living in single-family homes. The neighborhood also boasts two charter schools, a community center, and large swaths of open green space. 80 more single-families are about to be built and most will be sold to those earning up to 80% of the area median income, according to The BostonGlobe.The land where this development sits was once the Boston State Hospital. The state sought developers for the 38.5 acre parcel and found the New Boston Fund (headed by Jerry Rappaport, Jr., pictured below) and the Lena Park CDC.The mixed-income development already has 298 apartments, 59 senior apartments and 60 single-families. Income restricted units form the majority of these places to live. Giving working-class people the opportunity to own a home and build capital is intrinsic to the project. Boston Communities, a real estate development company that is working on the final 80 units, specializes in affordable and mixed-income housing.F. Marie Morisset, a principal at Boston Communities and pictured below, said she is especially happy to help "create generational wealth" through homeownership.

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Worcester Tries to Keep and Grow Affordable Housing

Eric Batista, the City Manager for Worcester, wants the city to create a Housing Production Plan (HPP) and Affordable Housing Preservation Program (AHPP), according to a story on MassLive.While not a requirement, a Housing Projection Plan is something most Mass cities have. The HPP sets forth the community’s goals for housing in general and affordable housing in particular. If the state’s Housing and Community Development Department (DHCD) approves a municipality’s HPP, then any decision by that municipality’s Zoning Board of Appeals to deny a comprehensive permit application will be upheld under chapter 40B. Without this, developers can override zoning regs to put in 40B housing.Worcester is well above the requirement of 10% housing stock affordability, but a HPP is still a useful tool to create a plan for development and it helps city officials make development decisions. In 2022, Worcester passed an inclusionary zoning policy that requires all developments with 12 or more units to reserve 10-15% of their housing as “affordable.” Affordable housing means a variety of things, and most broadly means that people earning up to 80% of the AMI can live in those units. As median incomes grow, those “affordable” rents also increase.Some in Worcester are pushing for 60% of the AMI to be the cutoff for housing deemed affordable, rather than 80%.Batista’s Affordable Housing Preservation Program would use $1 million to help preserve currently affordable units that don’t have deed restrictions requiring them to be affordable. The program would give landlords a one-time payment of $15,000 per unit in exchange for a 15 year deed restriction to maintain affordability. 

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Mass Taxpayers Foundation warns of high costs, outmigration

The Massachusetts Taxpayers Foundation just published a report about important indicators and has found that, in a nutshell, Massachusetts is in trouble.Some key points:

  • Working age people are leaving.

  • 65+ people are moving in.

  • Cost of living keeps rising.

  • Lowest apartment vacancy rate in the country.

  • Quality of living worsening.

  • Traffic and public transit are awful.

If you live in Massachusetts, you probably know all those things individually, but to see them all together can be quite an eye-opener. Boston's traffic, for instance is the 4th worst in the world, after London, Chicago, and Paris.The counties with the highest housing prices and the worst commute times lost the most residents. The counties that gained residents (Barnstable, Dukes, Franklin, Plymouth and Hampshire) gained retirees, not working age people.However, people of all ages are leaving the state. The biggest group of leavers are those in the start of their careers, aged 26-35, just the people you want to stay in a state and raise their children there.People - workers, business owners - are moving to states where it's easier to live and do business, such as Florida, Texas, and North Carolina.Tech, which used to be a main sector of the MA economy, lost about 2,000 jobs over three years. This isn't such a big deal until you see how many tech jobs other states gained.The 65+ segment of the population reached an all-time high in 2023 and is expected to continue to climb. This means continued shrinkage of the working-age population and that the aging population will need more services but there may be no-one to perform them.The full report is available here.

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College Graduates Leaving Northeastern Metros in Record Numbers

The New York Times recently used their Upshot data team to analyze migration of college graduates in the US.They found that in the 12 most expensive metro areas (Boston is #2 on that list), college graduates are leaving in record numbers since 2016 and that the flight from those areas was supercharged by the pandemic in 2020. The chart below shows net domestic migration of working age (21-64 years old) college graduates for those top 12 expensive areas:What's interesting is that they are mostly moving to other large metro areas (more than 1 million residents) that offer similar amenities, but with larger houses and apartments at a lower price. This chart shows the 41 large metro areas that have been gaining college-educated working-age migrants:Smaller "mid-sized" metro areas (with 250,000 to 1,000,000 residents) have gained since the pandemic, as have rural areas.The Times article says that while Americans with college degrees are increasingly mobile, those without are pretty much stuck where they are. College degrees are nearly always requisites for the white collar professional jobs that allow remote work, while most work that can't be done remotely is done by workers who don't have college degrees. Some highly-paid professions (doctors, dentists, most lawyers and judges) do require a physical presence, but those workers can find a job wherever they live.The Times article, however, notes that while the lack of affordable housing for low wage earners in expensive metro areas is a known-known, the increasing prices for housing "up the income ladder" is also making high earners leave the big expensive areas on the coasts. However, Boston does currently enjoy a net inflow of college-educated workers as the Upshot chart below shows:  The Times article concludes that movement is all about choices: more college-educated, well-paid employees have the choice to live where they want and have better jobs, larger homes, and amenities they desire, while lower-paid non-college-educated employees don't have that choice and have to stay where they are.

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Granny Flats (ADUs) in California Becoming More Popular

The WashingtonPost recently ran a piece on how accessory dwelling units (ADUs), sometimes known as in-law apartments or "granny flats," are easier to build in California, thanks to zoning changes that have been put into place in the past few years.The article states that about 23,000 ADU permits were issued in California in 2023, up from 5,000 in 2017. However, as recent stories in the Los Angeles Times and San Francisco Chronicle show, although a lot of permits have been granted, far less building has actually happened and the construction that has been completed has happened in the wealthiest communities, with the average cost coming in at about $200,000 ($150/SF plus) and prices rising every day as materials costs continue to increase.Only 622 ADUs have been built in San Francisco since 2017 (0.2% of the city's total housing supply). In LA, more ADUs are being built, but again, they tend to be in the wealthiest areas, although there were $40,000 grants available for moderate-low income households to build an ADU; the funding was exhausted in a few months.Crosstown Conversions shows the number of ADUs by neighborhood below:And then the median income in those neighborhoods (below):The distribution of ADUs closely tracks the median income in the neighborhood. 

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Planet Getting Hotter Faster

According the New York Times, El Nino in conjunction with human emissions will cause the global temperature to "soar to record highs over the next five years."A three-year La Nina cycle, which cools the air, is on its way out.  El Nino coming in later this summer will likely result in new record temps across the globe, which will likely result in more forest fires, heat issues in cities, and human and animal deaths.

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