Although the law requires that at least 10 percent of a community’s CPA funds go to each use, a report issued last year by cSPA and GBREB found that less than 1 in 20 CPA projects has been dedicated to the creation of new homes.
Those concerns burst into public view earlier this year, when a report produced by cSPA...found that only a fifth of CPA projects have been dedicated to housing that’s affordable for, and restricted to, low-income people.
“Counting usable millionaire’s tax revenue, we expect the state to close FY24 with roughly $40.7 billion in total tax collection, roughly $700 million below the current benchmark,” Evan Horowitz, the executive director of cSPA
To buy a $2 million home generally takes an annual household income of almost $660,000, based on calculations by Harvard’s McCue. Only 1.7 percent of Boston households clear that high bar, according to Census data examined by Evan Horowitz.
The Massachusetts economy is losing out on $2.3 billion in earnings and productivity every year because of the disconnect between employer need and foreign-educated worker skills, the Business Roundtable and the Tufts policy center determined.