Keeping Track - When The State Sues Cities Over Affordable Housing

 

We actually have a State suing several of its municipalities over legislation favoring affordable housing. What I find interesting is that things reached the point of legal action more than four years after the subject law was passed in Massachusetts. The below linked article indicates how the various municipalities are dealing with the lawsuit filings.

Information like this should be must reading for real estate developers, investors, brokers, and lenders whether in these areas or not. Opportunities are often created because someone knew how, when, and where to be “first in” to make them happen. The article can serve as a list of municipalities which are likely facing changes in how and when affordable housing is renovated or constructed to serve local residents. 

Part of what my team and I do is to make sure that valued clients, students, and connections can “push the button” and be ready as soon as a law, ordinance, or regulation goes into effect. If the change becomes effective tomorrow at 9:00 AM, I want to have a Proposal ready to submit at 9:01 AM. Waiting until it takes effect and starting your plan at that time is more likely to face competition, take too much time to get together, and probably means higher prices.

Think of it like when a concert or sports event is announced, and how within minutes local hotel rates rise significantly. Those who planned and speculated have already booked their reservations with much lower rates, gaining an advantage because they planned ahead. 

If you are not located and/or doing business in Massachusetts, monitoring stories like this one can still provide value. It is possible that municipalities you do business in are under new ordinances which allow for change, but there is some reason it hasn’t happened yet. Ideally, you become aware of upcoming effective dates weeks ahead, allowing you to be ready with a plan before others catch on. If you are not keeping track of zoning changes and municipal ordinances, among other matters, you could be losing out to your competition or missing out on opportunities. My team and I regularly keep track.

 

https://www.wcvb.com/article/massachusetts-sues-nine-towns-mbta-zoning/70188905