The Boston Globe reports that land and labor costs are driving “Boston-area housing prices out of control.”
Data from the Boston Foundation found that the average 1,600-sf apartment costs more than $438,000 to build.
“You’re just out of the ballpark for any working family,” report author Barry Bluestone, who heads Northeastern’s Dukakis Center for Urban and Regional Policy, told Boston Globe. “The cost is so high that the only construction developers can put up and not lose their shirt is either high luxury or heavily subsidized for the very poor.”
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