Economic Development
MAYOR WU FILES LEGISLATION SEEKING PERMISSION TO INCREASE THE TAX BURDEN ON COMMERCIAL PROPERTIES
On Thursday, March 28, Mayor Wu announced her intention to file a Home Rule Petition with City Council allowing the City to lessen increases in residential property tax bills caused by declining commercial values by temporarily shifting more of the property tax levy onto owners of commercial and industrial properties. The proposal was filed this week with City Council for consideration at Wednesday’s Council Meeting.
On Friday, March 29, The Boston Globe Editorial Board chose not to endorse Mayor Wu’s proposal, and instead stated their agreement with NAIOP’s position, suggesting that the City consider diversifying revenue streams.
Read MoreDain Torpy Files Amicus Brief on Behalf of NAIOP & Massachusetts Association of REALTORS® in Shoucair v. Zoning Board of Appeals of Boston & Others
On March 8, law firm Dain, Torpy, Le Ray, Wiest & Garner (Dain Torpy) filed an amicus brief on behalf of NAIOP Massachusetts – The Commercial Real Estate Development Association (NAIOP) and the Massachusetts Association of REALTORS® (MAR). Because Boston’s zoning appeal bond requirement is established by statutory text that is distinct from, and pre-dates, the Commonwealth’s separate zoning appeal bond provision, the brief urges the SJC to affirm the Superior Court’s imposition of a bond on the appellant in this case without requiring an “in bad faith” determination.
Read MoreGOVERNOR HEALEY SIGNS TAX RELIEF LEGISLATION
In direct response to NAIOP’s advocacy and work convening a broad range of business and economic development groups over two legislative sessions, the final bill includes a language tripling the annual cap on the Housing Development Incentive Program from $10 million to $30 million, and a one-time $57 million allocation to clear out the almost-2,000 unit backlog of shovel ready housing projects in Gateway Cities across the Commonwealth. The bill also includes a NAIOP-supported $20 million increase in the Low-Income Housing Tax Credit, bringing the total annual allocation to $60 million.
Read MoreGovernor Healey Signs FY24 Budget Extending Brownfields Tax Credit Through January 1, 2029
On August 9, 2023, Governor Healey signed the FY24 budget.
In direct response to NAIOP’s advocacy, the final budget includes a five-year extension of the Brownfields Tax Credit through January 1, 2029. Since the beginning of the session in January, NAIOP has worked with the Healey-Driscoll Administration, the Legislature, and a broad coalition of business groups and housing advocates to ensure the extension was considered for early passage.
Read on to learn about other investments found in the final FY24 budget.
Read MoreLegislature Passes Final Budget – Includes Extension of Brownfields Tax Credit
In the afternoon of July 31, the Massachusetts House of Representatives and Senate passed the final FY24 Budget.
In direct response to NAIOP’s advocacy, the final budget includes a five year extension of the Brownfields Tax Credit, which was previously set to expire on January 1, 2024. Since the beginning of the session in January, NAIOP has worked with the Healey-Driscoll Administration, the Legislature, and a broad coalition of business groups and housing advocates to ensure the extension was considered for early passage.
Read MoreWhat’s the Forecast for Commercial Real Estate?
Since the beginning of 2020, fear of a recession has kept economists and policymakers up at night. But even now, despite high interest rates, consumer spending is up, and many are asking – is this the recession we planned for? At a recent mid-year economic overview hosted by NAIOP Massachusetts, the experts dug into the data.
Read MoreBPDA DELAYS IDP VOTE; FY24 BUDGET AND TAX PROPOSALS HEAD TO CONFERENCE COMMITTEE; GOVERNOR ANNOUNCES HOUSINGWORKS IN CAPITAL INVESTMENT PLAN
In mid-May, the Boston Planning and Development Agency (BPDA) released an updated proposal for the City’s Inclusionary Development Policy (IDP).
Read on to learn more about NAIOP’s position on this policy; and for updates from the State House regarding the FY24 budget; tax reform; and Governor Healey’s new housing announcement.
Read MoreHow to Protect our Economic Growth and Fight for our Climate Future
Climate change is an economic development, public health and environmental issue that affects every resident and business in the commonwealth. Bold action must be taken, along with critical short-term strategies that effectively balance our continued economic growth with our long-term decarbonization and environmental goals. Only this approach will ensure that Massachusetts is put on a responsible, achievable path to mitigate and manage the devastating effects of climate change.
Read MoreStrategies for a Strong and Resilient Massachusetts
With a new gubernatorial administration comes new opportunities to shape the future of Massachusetts. As we look ahead to 2023, there is little doubt that it will be a difficult year for businesses. The incoming Healey-Driscoll administration must be a partner with the business community to ensure that safeguards are in place so the commonwealth can weather the economic storm. Only together can we work to secure the livelihoods and futures of Massachusetts’ residents and businesses.
Read MoreRent Control Is Not the Answer to Our Housing Crisis
Rent Control Is Not the Answer to Our Housing Crisis Decades of Research Shows Its Harm By Tamara Small | This column originally appeared in Banker & Tradesman on September 11, 2022 In July, yet another report was issued highlighting the housing crisis in Massachusetts. The Housing Underproduction Report examined markets throughout the country and…
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