Boston's middle-income residents are facing a daunting lack of housing, even as the Hub's luxury rental housing market continues to explode, say local officials and housing experts.
"We have to find ways to create workforce housing, middle-class housing," Mayor Martin J. Walsh told the Herald at yesterday's ribbon-cutting ceremony for Radian, a new luxury apartment building in the Financial District. "We don't have the supply."
Radian is the latest luxury complex to open, unveiling its 240 rental units yesterday, which start at nearly $3,000 per month. The $130 million project was co-developed by Forest City Boston and Hudson Group North American and the Kingston Street building includes a lounge, fitness center and 24-hour concierge service.
"Radian's location on the Greenway — adjacent to the Financial District and two blocks from South Station — make this project unique," said Ron Ratner, executive vice president of Forest City.
There are thousands of high-end units in the Hub that are just opening, under construction or in the pipeline, but more affordable options for middle-income residents have not kept up.
"It is a huge problem," said Michael DiMella, president of the Realtors association. "It's very, very difficult to afford Boston right now, especially if you're trying to establish a family."
Walsh announced a Housing Task Force last month to look at options for increasing affordable housing in the city.
"Everything is going to be on the table," Walsh said.
He said the biggest problem is figuring out how to pay for development of middle-market housing, which does not qualify for government subsidies the way low-income housing does, and does not offer the high investment return that luxury units do.
"Everybody seems to have plenty of incentives to create (luxury units)," said Timothy Warren, CEO of real estate publisher The Warren Group. "To create something in the middle is much more difficult."
As part of a city requirement to provide 15 percent affordable housing, the developers of Radian are building the Oxford Ping On project in Chinatown, which will have 66 affordable units.
But that's just a drop in the bucket.
"We need 110,000 units over the next 10 years in this region to sustain the growth in population," Walsh said. "We have to create more housing."
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