Word: holmeses
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After heated debate, the City of Cambridge's Planning Board granted Holmes Real Estate Trust permission to renovate Central Square.
Holmes Trust applied last fall to build a complex of apartments and shops in Central Square. After the plan was announced, many Cambridge residents protested, forming groups to elicit support from the neighborhood.
In other words, the small, local owner does not internalize any external costs. But as the owner of the conglomerated properties, Holmes will remove many of the negative externalities that the smaller current owners might cause the community. If observing young punk skaters in front of Hubba Hubba is what...
In fact, the Holmes project will benefit many local homeowners because their house values will increase proportionally. With this increase in the real level of wealth, local residents may generate positive externalities such as purchasing a new automobile with lower waste-emissions than a used one, resulting in cleaner air...
Sadly enough, the shops that provide this local color and suit the curiosity of tourists cannot fulfill the daily needs of Central Square's local residents. Through the Holmes Trust project, new nation-wide chain stores may rightfully come to answer the practical needs of Cambridge's citizens.