The city of Boston plans to use up to $100 million from its cash stockpile to invest in apartment and condo projects, Mayor Michelle Wu announced Wednesday in her annual address to the Greater Boston Chamber of Commerce.
The mayor devoted a significant chunk of her speech to zoning and real estate development. Housing production in Boston is down 20% in 2024 compared to the average number of permitted units over the previous five years, and even more for market-rate development, according to city-provided data. High interest rates have stalled projects, and developers contend Wu policies including higher affordability requirements make financials even tougher to make work.
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