To the editor:
The addition of MBTA Communities requirements to Section 3A was made to alleviate a shortage of affordable housing. Every MBTA community in the state is directed to identify a single reasonably sized lot where state-mandated multi-family housing can be built. Massachusetts’ definition of a “reasonably sized lot” is calculated using equations in Chapter 5 of the compliance section. Marblehead’s Housing Board calculations identify a value of 27 acres. A total of 56 acres was requested at Town Meeting to distribute this development.
It’s hard to believe that such a statewide intrusion into the private-sector real estate market will be approved by our courts. Memories of the Barney Frank legislation that caused the 2008 crisis come to mind.
Marblehead’s impressive growth in property values is driven by limited available land and buyers willing to pay high prices to live in our special oceanfront historic town. These trends are expected to continue. Private-sector financing guidelines will mean that only a small fraction of the new homes will be available at affordable prices.
Major changes to our town will be necessary to find space for 27 acres of multi-family housing construction. Provisions for two off-road parking spaces per home will add to the high cost of each property.
There’s also the question of how this much construction will be managed in our compact town. Construction costs and new building requirements are increasing along with Marblehead’s property values.
We need a realistic look at the impact of this development on the character and infrastructure of our historic town, as well as the costs and time frame required to complete the project.
Regards,
Anthony Chamay
Marblehead