New report cast an unfavorable light on state
New report cast an unfavorable light on state
Good morning friends,
Our communities are mourning the loss of two local real estate execs who shaped Greater Boston's development over many years.
- Newton resident Greg Bialecki, was a former secretary of housing under former Gov. Deval Patrick and principal at development firm Redgate and dedicated to improving communities and encouraging innovation.
- Thomas Alperin was co-founder of the Newton-based National Development which has developed more than 100 commercial real estate projects throughout New England.
Alperin died last Thursday at the age of 65 after an extended illness, while Bialecki died unexpectedly, also on Thursday, in his Newton home at the age of 64, according to the BBJ.
“Tom and Greg were both visionary leaders. Through their civic engagement, mentorship, and charitable endeavors, their impacts were felt well beyond the commercial real estate industry and their legacies will not be forgotten,” NAIOP Massachusetts CEO Tamara Small wrote on LinkedIn.
Our condolences to family, friends and colleagues.
New report cast an unfavorable light on state
The annual State Tax Competitiveness Index is out and Massachusetts landed in the bottom ten.
Our tax system ranked No. 41 overall.
That’s mainly due, the study’s authors say, to “overly burdensome” individual income taxes; high real estate and business property taxes (the nation’s 4th highest); and unemployment insurance taxes (the nation’s 3rd highest).
Of the five major categories indexed only our sales taxes (No. 20) are lower than more than half the states.
I hope you’ll join us for a deeper discussion on overall competitiveness (not just taxes) on Dec. 11 at the UMass Mt. Ida Campus in Newton.
Doug Howgate, president of the Massachusetts Taxpayers Foundation, will discuss the foundation's newly released Massachusetts Competitiveness Index at our annual Real Estate Forum.
Following Howgate’s presentation, we’ll ask a group of young professionals to discuss their challenges finding housing in the region and what they feel our cities and towns need to do to become more competitive and welcoming to future generations.
Finally, we’ll ask the planning directors representing our four chamber communities to discuss ways we can work together to enhance our region’s position.
Our thanks to Rockland Trust for sponsoring the Dec. 11 event. RSVP.
Meanwhile, UI fund concerns grow
Massachusetts’ unemployment rate has gradually increased for most of 2024. And it climbed again slightly last month to 3.9%.
That’s lower than the 4.1% national level. But it’s above the figure the Healey administration has been using to project the health of the unemployment benefits fund.
In October, the administration estimated that if unemployment peaks at 3.7 percent in the next five years, the UI fund will be almost $300 million in the red by the end of 2028, reports Chris Lisinski at State House News.
Watertown Square’s future begins
The Watertown City Council passed the city’s ambitious MBTA Communities Act compliance plan last week.
But a previously approved mixed-use development is breaking ground this morning in Watertown Square that could serve as an appetizer for the makeover ahead.
The Elysian is a 142-unit apartment complex located on 1.4 acres between Pleasant and Main Streets. The O’Connor Capital Partners project also includes 33,091 SF of retail and restaurant space and parking.
Greg Ryan at the BBJ has more.
Waiting on Needham signature count
We’re anxiously waiting to find out if the opponents to Needham’s new MBTA Communities Act compliance plan were successful in their attempt to collect 3,750 signatures to force a Milton-style repeal referendum.
The petitions have been submitted and are now being validated by the Town Clerk.
If successful, the question will go to voters in January and would place Needham out of compliance for failing to meet the state law’s Dec. 31 deadline.
Newton Center businesses: Give our customers more time to shop and dine
Fourteen Newton Centre restaurants and retailers have signed a petition asking the city’s Traffic Council to extend the parking time limit in the Newton Centre triangle parking lot from two to three hours.
The businesses believe increasing the limit would allow customers time to make multiple stops, making Newton Centre a more attractive and viable commercial destination.
We believe our businesses know their customers better than anyone and urge the Traffic Council to approve the request when it meets on Thursday.
If you agree, please send an email in support here.
Tuesday grab bag
- At the chamber’s urging, Newton's Zoning and Planning committee has agreed to hear public comments Monday (Nov. 25) about adding multi-family buildings larger than 20,000 SF to the proposed BERDO ordinance. The chamber is concerned the change could negatively impact housing supply and prices.
- Feeling lousy and not sure if you have COVID or the flu? For the first time, new home tests —available at pharmacies — can test for both. (NPR)
- Former Newton City Councilor and architect Deb Crossley and affordable housing expert Chuck Eisenberg were confirmed as associate members of the city’s Zoning Board of Appeals last night. For someone so clearly quailed, the politicization of Crossley’s nomination wasn’t pretty. Actually, it was embarrassing and reflects a misunderstanding of what the ZBA does.
- Watertown residents are needed to sit on the city’s Bicycle and Pedestrian Committee. Interested applicants should complete and submit a Universal Application.
- Join the Needham Housing Coalition tomorrow (Weds), 7 p.m. at the Needham Public Library to celebrate the Neighborhood Housing Plans' passage and discuss what awaits next. RSVP.
- Next Tues (Nov.26) from noon to 4 p.m., the Allen Center in West Newton will host a Thanksgiving Farmers' Market featuring 14 local small businesses.
- The Massachusetts Clean Energy Center has expanded one of its decarbonization planning programs, ”BETA: Project Planning.” They’re offering 70 buildings free decarbonization assessments to eliminate on-site fossil fuel use over time at the lowest cost. Apply.
- The final version of the economic development bill now awaiting Gov. Healey’s signature creates a commission to study credit card fees and processing, particularly in the restaurant and retail industry. Massachusetts and Connecticut are the only two states that do not let businesses pass credit card fees onto consumers. (Boston Globe)
- The state’s oldest resident, Herlda Senhouse of Wellesley, has passed away. Senhouse, 113, was the second-oldest person in the US whose age was verified. (SwellesleyReport, BostonGlobe)
OT pay change struck down in court
New federal rules aimed at raising overtime eligibility for millions of workers have been struck down in court
The rule increased the annual salary threshold under which non-exempt workers are eligible for overtime pay from $35,568 to $43,888 in July and was going to increase to $58,656 in July.
The previous threshold of about $35,500 will now be back in effect.
The Biden Administration could appeal the Texas federal court’s decision. But experts predict the incoming Trump administration would likely drop its defense.
Need a smile? This should do it
Finally, when Julianna Tosta emigrated to Massachusetts eight years ago from Brazil (her father was gunned down in front of her when she was four and her mother abandoned her), she spoke almost no English.
“She said she learned the language by listening to people and forcing herself to talk with them. Encouragement boosted her spirits and gave her the confidence to keep talking," says Lisa Hughes at CBS Boston.
Now enjoy this video — and read the story — and see what Tosta (she works at a chamber member business) is doing today.
You’ll be glad you did.
That’s what you need to know for today — National Entrepreneurs Day — unless you need to know if standing desks are as good for you as everyone once thought, or if you have to give a standing ovation just because everyone else is.
Be back Friday. Pray for rain!
President & CEO
Charles River Regional Chamber
617.244.1688