With Growing Demand for Affordable Housing, Boston Council Mulls Controversial Luxury Transfer Fee
Wednesday, April 17, 2019
The Eddy, a brand new residential tower along East Boston’s waterfront, is in many ways typical of the kind of development projects popping up all around Boston.
The building is 16 stories high, a mix of studio and one- and two-bedroom apartments; its website, “EddyLiving.com,” boasts “uninterrupted views of the Boston Harbor and city skyline,” a “lounge with a chef’s kitchen,” and an “outdoor terrace with a pool and sun deck.”
The apartments are not exactly cheap: Listings on the real estate site Zillow list studios at upwards of $2,500, and one-bedroom apartments above $3,000, monthly.
“It’s really meant for people who can afford luxury units,” said Boston City Councilor Lydia Edwards, who represents East Boston, as well as Charlestown and the North End.
For Edwards, the building embodies one of the most challenging problems for East Boston.
Luxury buildings like The Eddy are going up across the city, while low-income, working-class and middle-class residents are finding it increasingly difficult to afford living in Boston — let alone buy their own home.