Good morning,

Our chamber, along with nine of the state’s largest chambers,  sent a letter to the Healey-Driscoll administration and the Legislature this week expressing our concerns about the condition of the state’s (most generous in the nation) unemployment insurance (UI) system.

In particular, the Massachusetts Chambers Policy Network is urging Beacon Hill to find the necessary funds to cover the previous administration’s $2.5 billion UI error rather than unfairly placing that burden on the backs of employers.

Here’s our letter. 

Here’s the Globe’s Larry Edelman explaining why this matters.

It’s essential that we do our share. We aren’t.

Remember back in the fall of 2023 when seemingly half of Newton was in a panic, fearing that the state’s then-new MBTA Communities Law would lead to a tsunami of skyscrapers and overwhelm city services and schools?

After all the teeth-gnashing and a game-changing election, the Newton City Council voted to comply with the law, passing zoning to allow for up to 8,339 new housing units.

It’s 14 months later. Guess how many of those potential 8,339 new units have been added under the new zoning?

One.

Yes, one.

One new housing unit has been created. And eight new units are currently in the permitting process, the Newton Beacon reports. 

A similar MBTA Communities hullabaloo engulfed Needham last month.  Voters rejected a compliance plan that had the potential to actually yield new multi-family homes near transit.  Town Meeting is now expected to approve a “just the minimum” approach that’s unlikely to move the needle on the town’s housing needs.

A new report from Boston Indicators/Transit Matters reminds us that Newton, Needham, Wellesley and several other well-off suburban communities are blessed to have MBTA train and commuter rail connections that are the envy of other municipalities. But we have densities that lag far behind many of those cities and towns, as well as other metropolitan areas.

• “Some station areas, such as those in Wellesley, have densities as low as rural parts of the region, despite their high-quality transit access,” the report’s authors write.
  
  
• “Consider the case of Needham,” they add. “Situated only 10 miles from downtown Boston, Needham has four commuter rail stations [but with density] significantly below the 6 unit-per-acre benchmark needed.”
  
  
• In addition: “The D branch, which runs through Brookline and Newton to Riverside Station, stands out for its particularly low average densities compared to the other branches, despite being the longest.”

Yesterday, the Healey administration unveiled a comprehensive new housing approach designed to address our soul and economy-crushing statewide housing shortage. 

“A Home for Everyone” calls for the creation of 220,000 new homes by 2035. (Only 11,600 permits for new homes were issued in 2023. Do the math and you’ll see how far off we are.)

The report references the value of MBTA Communities and more zoning reforms. Wisely, it also acknowledges the need for a full menu of other strategies.

It’s essential that we do our share.*  We aren’t.

(*Watertown is actually doing more than its share and it doesn’t even have a train station.)

Watertown, Newton, biotechs raise capital  

Hannah Green at the BBJ reports on two local companies that just raised funds to advance their work:

• Watertown’s Tectonic Therapeutic secured  $185 million in private investments to continue its work on a class of cell surface receptors involved in a wide range of bodily functions.  Located at 490 Arsenal Way, the company went public via a reverse merger last year.
  
  
• Nonanatum-based biotech raised $27 million in financing that it will use to initiate clinical development of its blood cancer-fighting drug. Auron Therapeutics works out of office and lab space at Labshares. It has 18 full-time employees and will now be growing its team, says founder and CEO Kate Yen.

Friday grab bag

• Share your input on MassDOT’s Newton Corner Long-Term Planning Study.  Join the virtual meeting on Feb. 25, 6:30 p.m., to discuss future improvements. RSVP.
  
  
• The City of Watertown will present its proposed BERDO ordinance to the chamber’s real estate committee. Feb. 21, 8 am. via Zoom. If you’re a Watertown property owner or manager and would like to attend please email Max Woolf.
  
  
• Conrad’s Casual Dining will begin full lunch and dinner service in the former Bertucci’s at 1257 Highland Ave. in Needham on Feb. 13. (Needham Observer)
  
  
• Shrewsbury voters just did something voters in Needham and Milton did not do. They voted to uphold the town’s MBTA Communities zoning that was passed last year. (MassLive)
  
  
• NewTV featured CAN-DO’s Josephine McNeil, Barbara Seal, and Simon Dolan discussing tax credits and free filing services available to the community. Details
  
  
• Newton Community Pride hosts a Black History Month Storytime event on Sun. (Feb. 9) 2 p.m.) at Newtonville Books, featuring authors Lisa String fellow and Phoebe Sinclair. RSVP
  
  
• Also Sunday at 2 p.m., Dr. Ted Landsmark will speak at the Needham Library addressing “Racism in Boston: How Far Have We Come?” RSVP
  
  
• Mass Restaurants United shared these tips for preparing for immigration site-visits and investigations
  
  
• The Street at Chestnut Hill is hosting a “dessert crawl” tomorrow (Sat.) at noon.

New disclosure rules for companies with 25+ employees

Beginning Oct. 29, Massachusetts employers with 25 or more employees must disclose the salary or hourly wage ranges that the employer pays when posting a job opening, when promoting or transferring an existing employee to anew position, and when requested by any applicant or employee.

The new law does not require the disclosure of benefits or other forms of compensation, only good faith wage estimates by the employer. Non-compliance will result in fines.

Antagonizing Canada could hurt local businesses

Finally today, it looks like the White House’s adversarial relationship with America’s closest ally could hurt our local restaurants, hotels and attractions.

Canadian Prime Minister Justin Trudeau is urging Canadians to reconsider their vacation plans to the U.S. after the president issued tariff threats (currently on hold) to his country and suggested Canada become a U.S. state, reports the Globe’s Christopher Muther.

David O’Donnell, vice president of strategic communications at Meet Boston said the Greater Boston area had been forecasted to “set a new record for Canadian visitors in 2025.” Not anymore.

“Canadian tourism is a vital economic driver in Massachusetts — hundreds of thousands of Canadian visitors travel to our state each year supporting local businesses and communities,” added Kate Fox, executive director at the Massachusetts Office of Travel and Tourism.

Studies show that tourists from several European countries are also thinking twice about visiting, according to this YouGov survey, Muther notes.

That’s what you need to know for today, unless you need an app that locks you out of social media until you go for a walk.

Enjoy the Super Bowl and some shoveling this weekend. Shop and dine locally please.

Greg Reibman (he, him)

President & CEO

Charles River Regional Chamber

617.244.1688

P.S. Did you miss Watertown Night?  Watch WCN’s recap here and read about it in the Watertown News.