North End Waterfront - City Council Working to Limit Housing Speculation; Talks Flipping Tax
Saturday, November 10, 2018
The Boston City Council held a working session on housing speculation Thursday afternoon.
Housing speculation is when investors buy up properties, apartments and condos for a low price to then turn it around at a quick rate to make a bigger profit. This creates unaffordable rents, causing residents to be displaced from their communities.
District One City Councilor Lydia Edwards called for the hearing, saying speculation is a big problem in the city.
“We are going to continue working on this to develop ideas and policy,” said Edwards. “It’s happening and it’s a problem. We are going to get to work.”