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Boston's new luxury towers seem to accommodate few Bostonians – The Boston Globe

Boston's new luxury towers seem to accommodate few Bostonians – The Boston Globe





Many buyers of apartment buildings in the new luxury towers that spring around Boston are either part-time residents or investors – sometimes without clear connections with Boston – according to a survey published Monday that claims that the high-end building boom of the city does little to help the local population . Residents.

Researchers at the Institute for Policy Studies, the Washington, DC, think tank that produced the report, combed property records for about 1,800 apartments in 12 newer luxury buildings in Boston, from the Millennium Tower at Downtown Crossing to the petite Le Jardin, overlooking the Public garden.

They discovered that more than a third of the units are owned by limited liability companies, trusts and other business entities that allow buyers to hide their identity. Only 36 percent of the owners have applied for the real estate tax exemption that the city offers to homeowners – a sign that the owners can live elsewhere for most of the time.

The report is the latest example of the growing concern among proponents of housing that the development boom in Boston yields little that most residents can afford. In this case, study author Chuck Collins said, it seems entire buildings are being built for global elites who are looking for some money to park.

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