Housing and the Economy, Essay Example

Although housing expenses in greater Boston and around the state have stabilized, affordable accommodation is still high on the community policy agenda in each New England state. Growing echoes of policymakers and employers are forewarning that the region’s lofty cost of housing is now deflating its ability to draw and retain businesses and workers. In Boston owner-occupied accommodation is often not reasonably priced, especially in southern New England, and the predicament is getting gross over time (Schill, 2011). The policies are sluggish to affect the housing challenges, and this is affecting the economy in many ways; shelter is one of primary need, which must be met. Affordability challenges are caused by the interchange of demand and supply. On the demand aspect, the incomes of extremely low income citizen are simply too low to facilitate them to pay for the preservation and debt obligations on either existing or new housing (Teaford, 2011).

The Boston Redevelopment Authority’s Economic Development division directs the City’s development assessment process and manages major services and incentives to sustain a strong financial system in Boston. Working in the corporation with neighborhood residents, community-based organizations, business owners, and developers; the division offers an integrated and clear approach to economic venture that addresses the future and current needs of the metropolis (Davis, 2011). The mentioned describes the resources, inventiveness, and functional sections of the Economic Development division. The media coverage has given us the diverse aspect of housing challenges and BRA’s efforts to cushion them for the future and current gains.