Word: reals
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Dates: during 1960-1969
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...must point out that we do not simply have a housing problem in this city. We have a markedly abnormal real estate market, influenced by forces unique to Cambridge...
...private real estate industry also has a role to play, although it must be carefully defined and neither exaggerated non underrated. The primary incentive of business is return on investment--and the cost constraints inherent in the provision of low and moderate-income housing do not leave much room for profit. What the real estate industry can do is to build housing units, because developers and contractors have done it over and over again, and have expertise at it. The industry also has access to private mortgage money, which is required because there simply is not enough public money...
...must point out that we do not simply have a housing problem in this city. We have a markedly abnormal real estate market, influenced by forces unique to Cambridge. We have intense pressure on existing housing, and inflation in the price of it. We have a relatively inactive new construction market, in spite of intense demand. Part of the reason for this is that Cambridge is already a densely developed city, Scarcity and cost of land on which to expand the supply of housing is a constant barrier. We have families forced to leave Cambridge, or to tolerate poor housing...
...should adopt and announce publicly a policy, of no future acquisition of residential property in Cambridge. They should pledge maximum development of land now held in institutional ownership before other, nonresidential, land is acquired. Clearly, corporation with endowments in the hundreds of millions of dollars do not need Cambridge real estate as part of their investment portfolio. They should be prepared to accept the costs of maintaining rents at moderate levels, in housing units they have already acquired for future development, as a cost of doing business...
There must be commitments from the real estate industry in return, however, besides willingness to participate in programs which provide a guaranteed, and reasonable, rate of return. We will expect, and require, of any developer who needs the cooperation of the City in building Federally supported housing, that a substantial number of the units to be built be made available to low income families through either rent supplements or leasing to the Housing Auhtority. To make that possible, cost of building in the first place must be limited, since there are cost constraints in both subsidy programs. Builders of housing...