Banker & Tradesman July 23, 2018

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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS

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County close-up: Bristol Spotlight: Mansfield

As a partner and chairman of the cannabis practice at the Boston-based law firm Foley Hoag, Kevin Conroy represents cannabis-related operators and investors in all aspects of their business including corporate formation and transactions, not-for-profit regulation, employment matters, trademark matters, banking and finance issues ...

IN PERSON

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WEEK OF MONDAY, JULY 23, 2018

BANKING & LENDING BY THE NUMBERS

COMMERCIAL INTERESTS

33% The number of residents with credit scores in Roxbury and Mattapan that have debt collections on their credit reports. See Bram Berkowitz’s story on page 7. Source: Federal Reserve Bank of Boston

$26 Million The amount that Davis Cos. acquired a six-story office building at 112 Shawmut Ave. in 2015 for. See Steve Adam’s story on page 9. Source: Public data

$6.8 Million The purchase price for a condo at 100 Beacon St. in Boston. See the Gossip Report on page 7. Source: The Warren Group

$21.42 The commercial tax rate in the town of Mansfield. See By The Numbers on page 6. Source: The Warren Group

2.5 The number of permits per year that Boston-area communities are granting on average for new in-law apartments. See Scott Van Voorhis’ column on page 3. Source: Public Data

ACCESSORY DWELLING UNITS WOULD HELP HOUSING CRISIS Towns and Cities Block In-Law Apartments to Preserve ‘Neighborhood Character’ BY SCOTT VAN VOORHIS BANKER & TRADESMAN COLUMNIST

$578 Billion

I

t’s nearly impossible these days to get approval for even the humble in-law apartment thanks to the housing snobs who call the shots in too many Boston-area

The estimated prepaid card gross dollar volume of virtual gift card and digital payment by 2020. See Kevin Morrison’s column on page 10. Source: Aite Group

26 Percent The percentage of units in a nine-story tower developed by the Chinese Consolidated Benevolent Association of New England that are affordable. See Steve Adam’s story on page 9. Source: CCBA

$444,000 The average amount of mortgage debt residents with credit scores in Newton had. See Bram Berkowitz’s story on page 7. Source: Federal Reserve Bank of Boston

Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/datasolutions.

suburbs and towns. Greater Boston is facing the worst housing crisis in decades, with middle-class families steadily being priced out of the

region. The area needs more housing of all kinds, including what are now called accessory dwelling units, but which most of us would simply refer to as in-law apartments. And what are Boston area suburbs and towns doing? In too many cases, they are making it hard if not impossible for homeowners to build these mini apartments, whether to put a roof over grandma’s head or to simply bring in some badly needed rental income during retirement. That’s the finding of a new report by the Pioneer Institute, which teamed up with the Massachusetts Smart Growth Alliance to look at the various and sundry roadblocks communities too often throw in

the path of homeowners looking to build a small addition or convert that room over the garage into in-law apartment. The report looked at 100 suburbs and towns around Boston. Of these, 32 have no zoning for accessory dwelling units and 31 restrict them to family and relatives. Of the remaining 37 towns and suburbs, many have piled on so many restrictions and caveats that it’s nearly impossible to get approval to build an addition or a small cottage or mini apartment in the backyard. Nearly half of these communities limit in-law apartments to homes on lots of a certain size, with Manchester-by-the-Sea Continued on Page 3

ECONOMIC INEQUALITY

THE POWER OF THREE

Boston Fed Report Shows Credit Conditions and Debt Levels Across State

Developer, Asian Groups Combine Forces on Housing

By Bram Berkowitz | Banker & Tradesman Staff

By Steve Adams | Banker & Tradesman Staff

Economic Inequality Prevalent Unfinished Business across Commonwealth in the South End

Banking & Lending PAGE 7

Commercial Real Estate PAGE 9


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