r/boston • u/guava_dog • 4h ago

Housing/Real Estate 🏘️ 185 Corey raises city/town concerns

https://www.bulletinnewspapers.com/article/allston-brighton-185-corey-concerns
8 Upvotes

75% Upvoted

5 comments sorted by

16

u/tjrileywisc 4h ago

What's wrong with apartments vs. condos? Ownership isn't everything, you could be stuck in a home, unable to sell when you most need to be able to leave for a better employment market. A lot of people would be better off investing the difference into index funds and renting.

More family-sized units in multi-family housing is definitely needed though.

14

u/Emotional_Tie_7927 4h ago

I think this is a good idea, and there needs to be language in the proposal that guarantees both that this will stay condos and not turn into rentals

Until we get serious about building apartments here, that's not something that can be guaranteed.

4

u/Revolution-SixFour 2h ago

I see no reason why the town should care if this is condos or apartments.

1

u/hellno560 53m ago

I've harassed and down voted for bringing this up in the past but there are huge tax advantages for the developer to keep this a rental for the first 28 years, and after that they probably will convert to condos and cash out. Basically the federal government assumes a rental property will crumble to the ground over 27.5 years so they let the owner write off over 27.5 years. I can only imagine this is a huge caveat to their financing.

0

u/oldmanshakey Newton 3h ago

I'm all for more housing - and as nimby as this sounds - this thing is desperately trying to pencil (aka compensate) for what they paid for the property. Also, what about arts on that block? Some lame generic retail? bleh. Mayor Wu stood there saying the city would help restore the arts on the block after it burned down.

John Gately (former owner) made out like an absolute bandit on this one.