Massachusetts’ economic boom puts pressure on housing costs

Photo Courtesy: MGNonline/The Massachusetts Office of Travel and Travel

BOSTON (AP) — Massachusetts’ booming economy is bringing with it soaring housing costs for those looking to rent an apartment or buy a home in the state, particularly in the greater Boston area.

The problem isn’t new, but it’s more acute in places where the economy has taken off. That upward pressure is one reason Beacon Hill leaders are looking for ways to create new affordable housing units while preserving existing units.

Republican Gov. Charlie Baker this week announced $72 million in housing subsidy funds and additional state and federal tax credits for 25 projects in the state.

The goal is to create, refurbish and preserve nearly 2,000 housing units, including housing for low-income families and families making their way out of homelessness.

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