How many rich people can Boston support?

Much of this downtown luxury housing is being purchased by foreign speculators or wealthy empty nesters. I don't know that they would otherwise purchase homes in more middle class neighborhoods. Regardless, a fee at closing, as an example, will not dampen this boom in this environment, anymore than currently inclusionary zoning requirements have not dampened it either.

It's politician lie-speak, intended to mislead. We all want housing to be true-lowercase affordable. Then we start saying "affordable housing", which really should be capitalized as "Affordable Housing", which is not the same thing, and indeed might be counter to the goal of true-lowercase affordable housing.

Everytime you see someone write or say the lie-speak, call them out on it.

I feel like there are a lot less wealthy people who can afford to leave their million dollar + homes for a luxury condo as opposed to middle class people who would fill up those houses. Not to mention a lot of the new owners of those luxury condos aren't necessarily from the local area. That argument sounds like a reach.

Taxes might not be enough. There needs to be better requirements on ownership requiring residency. Otherwise you won't significantly limit demand in a way that's productive towards housing.

If you neatly define all families as
* Section 8
* Middle Class
* Rich

There are many gradients. Every new piece of supply at one gradient pushes down the price a bit of the nearby gradients too -- so now the well-to-do housing is a bit cheaper. That allows someone who would have purchased an upper-middle class home to stretch into the well-to-do, thereby reducing demand in the upper-middle by a smidge. Etc.

It's not likely that building luxury condos on the waterfront is going to make rent cheaper for the four undergrads living in Brighton. But it will help bring down housing prices at middle and higher levels, and it's generating property tax which allows the city to make capital and operating improvements throughout the city, including in that neighborhood in Brighton.

I'm not a trickle downer, but more people living downtown (et al) means more jobs associated with residents downtown. Dry cleaners and convenience stores, etc. Not great jobs, but jobs nonetheless. That's good too. More people living downtown instead of Newton (etc) also frees up more room on the subway.

Not every condo sold will be to a couple in Newton. Some will go to investors and stay empty (taxes but no service requirement!). Some will go to people moving in from out of town (new ideas, exchange of culture, and bringing their wealth to our community!). Some will get air bnb'd (more tourism dollars supporting restaurants, taxis, culture, and the jobs therein!).

Bottom line: there's some impact in lowering the price of some housing in Boston, there's a net increase in tax revenue (minus additional services required), and there are both short term construction jobs and longer term positive job impacts as a result. Plus, maybe a little less pressure on the commuter rail and subway during rush hour.