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Housing and the Economy in Greater Boston: Trends, Impacts and Potential Responses
Greater Boston’s leading politicians, civic leaders, and scholars, including keynote speaker Richard F. Syron, , gathered May 22 to discuss the implications of Boston’s housing prices on its economic future. The discussion occurred at the Federal Reserve Bank of Boston. The event was co-sponsored by the Rappaport Institute for Greater Boston at Harvard’s Kennedy School of Government and the Federal Reserve Bank of Boston’s New England Public Policy Center. Bank President and CEO Cathy E. Minehan opened the proceedings and Richard Syron delivered opening remarks. Alicia Sasser, economist with the New England Public Policy Center at the Federal Reserve Bank of Boston presented an overview of the regional outlook. Barry Bluestone, Professor of Political Economy and director of the Center for Urban and Regional Policy at Northeastern University, presented evidence that housing costs are an important, independent factor in economic development. If home prices and rents continue to rise in Massachusetts, we can expect to see further job erosion, more out-migration, and a real challenge to the Commonwealth’s prosperity. Edward Glaeser, a professor of economics at Harvard University and director of the Rappaport Institute, presented research that concluded if greater Boston does choose to continue limiting growth, it should be aware that it will end up with a small region, with highly volatile prices and that big price increases are likely to decreases in future prices and incomes. The Rappaport Institute also released a new “Policy Brief,” by Glaeser on these issues, entitled "The Economic Impact of Restricting Housing Supply." Federal Reserve Bank , Lynn Browne moderated the academic presentations. Following academic presentations, a panel of leading officials, practitioners and scholars discussed the policy responses to the housing dilemma. Panelists included: R. Lisle Baker, President of the Newton Board of Aldermen; Jack Clarke, director of advocacy for the Massachusetts Audubon Society; Robert Culver, president and CEO of Mass Development; . David Ellwood, dean of Kennedy School of Government, moderated and delivered closing comments.
"Harvard Makes Ambitious Life Sciences Gamble," by Svea Herbst-Bayliss, Reuters News Service, 6/2/2006. "Economy Hinges on Housing," by Susan Brickman, Shrewsbury Chronicle, 6/1/2006. "Avon Tops in Homes Affordable to Families," by Kimberly Blanton, The Boston Globe, 5/25/2006. "Where's the Housing," Editorial, Boston Globe, 5/24/2006. "Cooling, but No Collapse Freddie Mac CEO," By Erik Arvidson, The Lowell Sun, 5/23/2006. "Interview with Edward L. Glaeser on Housing and the Economy," Fox 25 Morning Show, 5/23/2006. "Massachusetts Housing Report," New England Cable News Interview with Barry Bluestone, Northeastern University, 5/23/2006. "The Changing Numbers on For Sale Signs," New England Cable News Story, 5/22/2006. "Freddie Mac CEO Says Fed's Rate Tightening May Be Near End," By Frank Byrt, MarketWatch, 5/22/2006. "Study Finds Housing Costs Dragging Down State's Economy," WBZ 1030 Radio Story, 5/22/2006. | |
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