Many would call the commercial real estate boom in Quincy part of a larger transformation. A city some would have called run-down is now seeing the landscape of the city change with an influx of investor money and real estate projects in recent years. A hotel, mall and mostly, commercial residential real estate projects make up the changes. However, many claim that the projects and, specifically, the residential real estate additions are making rent unaffordable for many.
While commercial real estate projects can be beneficial for a city, it can also be harmful if the cost of rent gets too high. According to statistics, 60% of residents in Quincy come from low-income households. However, based on state regulations, 10% of the 2500 new residential units outlined for low-income households will likely not be enough to house those low-income families. Others have been on waiting lists for subsidized houses for months or years.
Taking a look at income to rent ratios collected by the government, 10% of Quincy residents live at or below the poverty line and 43% spend more than 30% of their income on rent or a mortgage. This threshold is used according to federal standards to determine if someone is rent-burdened. Many long-time Quincy residents claim financial difficulties, in that they are being ‘priced out’ of the changing real estate market in Quincy.
It isn’t clear if the city plans to boost its number of low-income and subsidized housing options. There is a fund set aside for those projects, as determined by law, but it hasn’t been utilized as of this point. It also isn’t clear if the city will build new spaces for low income housing or if it will utilize an existing space.
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