Boston, MA
In East Boston, a big move to keep renters in their homes – The Boston Globe
However 36 buildings? That was a protracted shot.
Then got here a barrage of help from different native teams, hundreds of thousands of {dollars} in nonprofit and metropolis funding, and, ultimately, sufficient backing to place ahead a suggestion to purchase the entire bunch: $47 million for 114 flats. Remarkably, it labored.
“It was a shock,” when the sellers agreed, stated Caldarelli, longtime government director of East Boston CDC who has sometimes seen such buildings purchased by deep-pocketed buyers. “It’s troublesome to precise what this implies for our neighborhood. We’re reclaiming a few of the housing that has been snatched up by non-public buyers. We’re reclaiming house for our households to stay.”
The acquisition, introduced final week by Mayor Michelle Wu’s workplace, marks a giant win for neighborhood teams which have seized on a brand new tactic for battling the housing disaster and displacement: buy present housing inventory from non-public sellers, hold rents modest, and provides the neighborhood a stake within the property. However it additionally highlights how exhausting that mannequin could be to duplicate, requiring a variety of assist, and a keen vendor, at a time when actual property values are excessive.
The Blue Line Portfolio, as actual property brokers named this group of properties, shall be owned and managed by a newly shaped Blended Earnings Neighborhood Belief, a neighborhood governance mannequin that splits management of the properties between the patchwork of nonprofit teams and people who contributed cash to the acquisition and the tenants of the buildings themselves. It is going to be the primary such belief of its variety in Massachusetts.
“I might enterprise to say that the parents that created the mannequin of shopping for properties and forming neighborhood trusts wouldn’t have thought that it was attainable to purchase a $50 million actual property portfolio in a hyper-capitalized actual property market, with the only intention of driving lease down,” stated Mike Leyba, the co-executive director of Metropolis Life/Vida Urbana, a tenants rights group that helped fund the acquisition. “Inform that to a finance individual, and so they’re going to say, ‘that’s fairly dang progressive.’”
The acquisition is especially significant for East Boston, lengthy a neighborhood with a big immigrant inhabitants, the place households are being compelled out by quickly rising rents.
And it’s distinctive as a result of, in contrast to when a CDC seeks conventional monetary buyers for a undertaking, the Blue Line Portfolio acquisition was bankrolled by quite a lot of philanthropic organizations, banks, people, and metropolis funds, that means no single investor could have a commanding voice in managing the properties or dictating what is completed with the lease cash they accrue from tenants.
As Leyba places it: “The neighborhood owns these properties now.”
Greater than three quarters of the flats – that are largely in older, three-decker buildings scattered all through the neighborhood – are three-bedrooms or bigger, sufficient house to accommodate households, and all the properties shall be designated as income-restricted inexpensive housing. Of the 114 models, 28 shall be put aside for households making not more than 50 p.c of the realm median earnings — $70,100 for a household of 4 — 40 shall be set at 60 p.c, 26 at 80 p.c, and 20 at one hundred pc.
Caldarelli’s group has been slowly buying properties in East Boston during the last a number of years, however that they had but to aim a suggestion of this measurement. The scorching Boston actual property market makes {that a} tall job for CDCs, community-based nonprofits whose shopping for energy is dwarfed by that of companies.
Certainly, to safe an settlement it took a scrambled fund-raising blitz — hundreds of thousands from different native nonprofits together with the Boston Basis and the Hyams Basis — loans from three banks, and an funding from town’s Acquisition Alternative Program, which helps buy small buildings and convert them to inexpensive housing. That metropolis program was lately granted greater than $45 million in American Rescue Plan Act funds, $9 million of which had been allotted to the Blue Line portfolio. In complete, town contributed round $12 million to the acquisition.
“Particularly in Boston, there are a number of properties altering palms, sometimes from long-term house owners to new buyers,” stated Sheila Dillon, Boston’s chief of housing. “In this type of very heated market, taking the time to safe funding could make an acquisition like this much more difficult. We’re making an attempt to assist teams who need to protect housing be extra aggressive.”
On this case, competitors was fierce, stated David Grossman, principal at The Grossman Corporations, a Quincy-based developer that co-owned the portfolio. There have been multinational companies vying to grab up the properties, he stated, however the CDC’s pitch – to dedicate the properties for inexpensive housing – was compelling sufficient to carry off different affords, which had been usually across the identical value.
“We actually believed in that mission,” stated Grossman. “We had been keen to take the chance and went alongside for the trip.”
In some methods, the portfolio, and the lifetime of the properties that represent it, inform a much bigger story about this neighborhood. The surge in non-public funding in East Boston, advocates say, has pushed widespread displacement of longtime residents. Rents have grown sooner than in virtually every other Boston neighborhood during the last 5 years — climbing roughly 5 p.c in 2021 alone, in response to information from BostonPads — as younger professionals looking for reduction from sky-high rents elsewhere have are available in droves.
Grossman and its companions bought the buildings one after the other in 2014 and 2015 and, in response to Suffolk County property information, paid roughly half as a lot then because the belief paid for them this month. Many had been spruced up and rented to college students, although members of the belief count on they’ll depart sooner slightly than later. (Present occupants won’t be evicted or requested to depart, however Leyba stated the coed inhabitants has a rental turnover price that’s a lot increased than typical renters.)
Andres Del Castillo, the director of growth at Metropolis Life/Vida Urbana, stated he has previously labored with residents of a few of the buildings within the portfolio who confronted lease hikes or eviction notices. Some left their flats, although others managed to remain. Because of the acquisition, stated Del Castillo, they will now stay within the buildings for so long as they need.
“It is going to be a terrific feeling to have the ability to name the households that also stay on this portfolio and say, ‘Guess what? you’re a part of the neighborhood and also you personal this now, too,’” he stated.
Andrew Brinker could be reached at andrew.brinker@globe.com. Comply with him on Twitter at @andrewnbrinker.
Boston, MA
Boston City Councilor will introduce
BOSTON – It could cost you more to get a soda soon. The Boston City Council is proposing a tax on sugary drinks, saying the money on unhealthy beverages can be put to good use.
A benefit for public health?
“I’ve heard from a lot of residents in my district who are supportive of a tax on sugary beverages, but they want to make sure that these funds are used for public health,” said City Councilor Sharon Durkan, who is introducing the “Sugar Tax,” modeled on Philadelphia and Seattle. She said it’s a great way to introduce and fund health initiatives and slowly improve public health.
A study from Boston University found that cities that implemented a tax on sugary drinks saw a 33% decrease in sales.
“What it does is it creates an environment where we are discouraging the use of something that we know, over time, causes cancer, causes diet-related diseases, causes obesity and other diet-related illnesses,” she said.
Soda drinkers say no to “Sugar Tax”
Soda drinkers don’t see the benefit.
Delaney Doidge stopped by the store to get a mid-day pick-me-up on Tuesday.
“I wasn’t planning on getting anything, but we needed toilet paper, and I wanted a Diet Coke, so I got a Diet Coke,” she said, adding that a tax on sugary drinks is an overreach, forcing her to ask: What’s next?
“Then we’d have to tax everything else that brings people enjoyment,” Doidge said. “If somebody wants a sweet treat, they deserve it, no tax.”
Store owners said they’re worried about how an additional tax would impact their businesses.
Durkan plans to bring the tax idea before the City Council on Wednesday to start the conversation about what rates would look like.
Massachusetts considered a similar tax in 2017.
Boston, MA
Patience over panic: Kristaps Porzingis and the Celtics struggles
The Celtics aren’t playing great basketball. Coincidence or not, this stretch has coincided with the return and reintegration of Kristaps Porzingis. In 23 games without the big man, Boston has a record of 19-4—with him in the lineup, that falls to a much less flattering 9-7 record.
This has put his value on trial, and opened the door to discussions about whether a move to the bench could be helpful for everyone involved. It’s not a crazy idea by any means, but it’s shortsighted and an oversimplification of why the team has struggled of late.
While Kristaps attempts to slide back into his role, there’s an adjustment period that the team naturally has to go through. That’s roughly 13 shots per game being taken from the collective and handed to one individual. It’s a shift that can impact that entire rotation, but it’s also not unfamiliar to the team—by now, they’re used to the cycle of Porzingis’ absence and return.
KP hasn’t been the same game-breaking player that we’ve come to know, but he’s not that far off. He isn’t hunting shots outside of the flow of the offense, and the coaching staff isn’t force-feeding him either.
This table shows a comparison in the volume and efficiency of Kristaps’ most used play types from the past two seasons. Across the board, the possessions per game have remained very similar, while the efficiency has taken a step back.
He’s shooting below the standard he established for himself during the championship run, but the accuracy should come around as he gets more comfortable and confident in his movements post-injury. Porzingis opened up about this after a win over the Nuggets, sharing his progress.
“80-85%. I still have a little bit to go.” Porzingis said. “I know that moment is coming when everything will start clicking, and I’ll play really high-level basketball.”
In theory, sending KP to the bench would allow him to face easier matchups and build his conditioning back up. On a similar note, he and the starters have a troubling -8.9 net rating. With that said, abandoning this unit so quickly is an overreaction and works against the purpose of the regular season.
It may require patience, but we’re talking about a starting lineup that had a +17.3 net rating over seven playoff games together. Long term, it’s more valuable to let them figure it out, rather than opt for a temporary fix.
It can’t be ignored that the Celtics are also getting hit by a wrecking ball of poor shooting luck in his minutes. Opponents are hitting 33.78% of their three-pointers with him on the bench, compared to a ridiculously efficient 41.78% when he’s on the court. To make matters worse, Boston is converting 37.21% of their own 3’s without KP, and just 32.95% with him.
Overall, there’s a -8.83% differential between team and opponent 3PT efficiency with Porzingis in the game. This is simply unsustainable, and it’s due for positive regression eventually.
Despite his individual offensive struggles, Porzingis has been elite as a rim protector. Among 255 players who have defended at least 75 shots within 6 feet of the basket, he has the best defensive field goal percentage in the NBA at 41.2%. Players are shooting 20.9% worse than expected when facing Kristaps at the rim.
Boston is intentional about which shooters they’re willing to leave open and when to funnel drives toward Porzingis. Teams are often avoiding these drives, and accepting open looks from mediocre shooters—recently, with great success. Both of these factors play into the stark difference in opponent 3PT%.
The numbers paint a disappointing picture, but from a glass-half-full perspective, there’s plenty of room for positive regression. Last season, the starting lineup shot 39.31% from beyond the arc and limited opponents to 36.75%. This year, they’ve struggled, shooting just 27.61% themselves, while opponents are converting at an absurd 46.55%.
Ultimately, the Celtics’ struggles seem more like a temporary blip, fueled by frustrating shooting luck and a slow return to form for Kristaps, rather than a reason to panic. The core of this team has already proven their ability to perform together at a high level, and sticking with the current configuration gives them the best chance to break out of the slump.
Allowing Porzingis to round into shape and cranking up the defensive intensity should help offset some of the shooting woes. As Porzingis eloquently put it, “with this kind of talent in this locker room, it’s impossible that we don’t start playing better basketball.” When water finds its level, the game will start to look easy again.
Boston, MA
Frigid wind chill temperatures today
The wind is back. And no one is happy.
Well, at least it won’t be 10 days of it. Instead, you’ll have to settle for two, with occasional gusts to 35-40 mph. Not nearly as intense as the last go-round, but still enough to produce wind chills in the single digits and teens through Wednesday. Thursday the winds are much lighter, but even with a slight breeze, we may see wind chills near zero in the morning.
The pattern remains active, but we’ll have to wait a few days until our next batch of precipitation. And with temperatures warming, it looks like rain by Saturday afternoon. We’ll rise into the 40s through Sunday, then feel the full weight of the polar vortex early next week.
Yes, you read that right. The spin, the hype, and definitely the cold, are back. Much of the country will plunge into the deep freeze. The question remains whether we’ll spin up a storm early next week. Jury is still out on that, but we’re certain this will be the coldest airmass of the season.
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