Land costs, labor drive Boston-area housing prices out of control
The Boston Globe - 11/13/2015
The average 1,600 square-foot apartment today costs more than $438,000 to build, said Barry Bluestone, a Northeastern University professor who authored the report.
“You’re just out of the ballpark for any working family,” said Bluestone, who heads Northeastern’s Dukakis Center for Urban and Regional Policy. “The cost is so high that the only construction developers can put up and not lose their shirt is either high luxury or heavily subsidized for the very poor.”
That cost has climbed 13 percent over the last decade or so in urban areas, such as Boston and Quincy, and by 30 percent in suburban markets such as Danvers and Stoughton, according to Bluestone.