Why Boston can't retain young professionals

…because we're losing young professionals, as I understand the problem, to San Francisco and New York. Those cities' property values are, as I understand it, even higher.

I want Boston's property values to come down as much as the next guy. And I think our high property values have bad effects on lots of things -- for starters, I suspect that it's harder to start a business here. But "losing young professionals" isn't the first argument I'd reach for if I wanted to argue for lowering property values.

Need a 2 bedroom apartment? Why not a 1 bedroom? Share a 2 bedroom?

^{( he's a great speaker — and he speaks for many! )}

Nobody wants to live there any more, it's too crowded.

Blah, blah, blah. From politicians to residents to "experts" to the man on the street, everyone talks, everyone complains, and everyone tries the same solutions to the same problems.

Three facts that may be helpful to anyone wondering about our housing "crisis":

1) 22% of Boston's housing is subsidized and/or income-restricted (Section 8, public housing, "affordable" housing (IDP)). Or, another way, the "rest of us" have 78% of the housing to fight over.

2) Between 2000 and 2010, the US Census Bureau reported an increase in the population of Boston, from 589,141 to 617,594 residents, and estimates an increase to 650,281 residents, since then. So, 61,140 (10.37%) in 15 years; 32,687 (5.29%) during the past five.

3) Between 2000 and 2010, the US Census Bureau reported an increase in the number of housing units in Boston, from 239,000 to 252,000 units (occupied), and estimates an increase to (only) 256,000 (occupied) units, since then. So, 17,000 (7.1%) in 15 years; (only) 4,000 (1.59%) during the past five. This during the greatest housing / economic boom the city has seen since ... the early 1900's?

(The total - occupied & unoccupied (apartments listed for rent, condos listed for sale) was from 252,000 to 278,000 during that time.)

We all took Econ 101, so the cause and effect of that imbalance is easy to figure: More people looking for housing than there is housing, causing prices to increase.

"Only" rich people are moving here, right? If the amount of new (luxury?) housing had stayed constant with the number of rich people moving here, you might not have seen any effects outside of Boston Proper. Since the imbalance happened, though, those who might have lived "downtown" looked in South Boston, parts of Dorchester, and, now, East Boston, etc.

(Part of the increase in prices is due, however, to landlords / developers realizing they can make more money by renovating / updating their units and putting them back on the market. Better housing = higher prices, even if it's not "luxury". As pointed out so wisely in the above video.)

.. is that all these sleek new units seem very geared toward single people in their 20s to mid 30s. They don't seem like places people would stay after getting married or moving in with an SO, and not after having children. That is, they seem like temporary housing and not like homes. Which in a way would be fine if there's a continuous influx of young people moving in as people settling down move out (to single family housing in extremely short supply in the surrounding suburbs, but that's a whole other issue). But I think of the high rises in NYC and how it seems more common for families to stay there and raise kids, and it seems like if Boston is building up, it would be great if we could move more in that direction. I'd be happy to hear that I'm wrong about this and that older people, families, and people intending to make Boston their home for the long term are moving into these places-- but that doesn't seem like the target market to me.

People want to live on South Huntington, close to the Emerald Necklace and the LMA. People want to live on Mission Hill. Demand drives rent increases. All that construction will help handle the demand, since people with enough money love new shiny things.

Yes, Boston needs to make sure affordable housing gets built, but if those buildings were not built, rents would go just a little bit higher.

Now, when the row houses between the two shiny new buildings get torn down for more shiny new buildings, then we have a problem, but not a bad one.

I tried to make the argument that Boston lacks the cool factor, to which plenty of people tried to tell me otherwise. As a Bostonian living in NY, let me offer my two cents, take it or leave it..

Rents really aren't that different, they're both super high. I pay the same in Manhattan that I did in Cambridge, with utilities included so it's a bit cheaper here actually.
Things like happy hour do matter, and go a long way towards a city being enjoyable. My gf and I went out for wine, spent two hours at the bar, and our tab was $25, would've been close to a $100 in Boston I'm sure. Obviously NY has certain entertainment venues that Boston can't match, I would even argue local CC TV here is leaps and bounds better than what Boston offers, it actually promotes local businesses and gives tips on things to do in the city. I think the biggest difference though is the segregation in Boston, and I'm not making this a race thing. I can go out in Harlem or downtown Manhattan and see a very diverse crowd everywhere, which also matters. Younger people are the most accepting, and social crowd probably ever. Boston just lacks a certain dynamism that you can get in many other cities.

I say all that but please know that Boston outshines NY in many ways and if they could just do a way with a few old blue laws, I'm certain Boston would be just as desirable.

Rents are very high in Boston. They've been very high in Boston for decades. Decades ago, you could buy an apartment for less than you can rent one, and it's still true.

So the average rent on a two-bedroom is 2,821 a month. Well, you know how much that gets you if you apply it to a mortgage? $600,000. You can own something for that, even here.

Young professionals don't want to live in Boston? Besides being the first time I've ever heard somebody bemoan Boston's loss of yuppies, I don't believe that's even true.

Maybe recent college graduates who can't get jobs don't want to live in Boston, but those are not young professionals. Young professionals are people who have excellent, well-paying jobs, which abound in Boston. They can afford to live here, if they manage their money wisely. And young professionals mostly want to live where they can have young professions.

It's true that typical rents or home values have been rising faster than typical salaries, even for professionals. It's shocking to see how the price of what was a house only a few years ago is now the price of only a condo. But this divergence is also typical of conditions in other booming cities, here and abroad. In places where real estate has commanded a very high entry price for some time, expectations are different. I expect our culture will adapt. Can't afford your own place? Live with your parents until you can. A cheap apartment isn't something you win for passing finals. This will come to seem normal again.