Good morning friends,

Our chamber and nine of the state’s largest chambers are sending a joint letter to the Legislature this morning, urging lawmakers to return to Beacon Hill “as soon as possible” to pass the economic development bond bill it failed to pass last month.

This should be an easy ask.

After all, there was substantial overlap and agreement in versions of the bill that passed with wide margins in both the House and Senate.

But then a conference committee was unable to reach a consensus as the clock ran out and the formal session ended for the remainder of 2024.

“[The] failure to advance the basic elements of the state’s economic development approach will hurt the Commonwealth’s competitiveness and reputation of effective and responsive policy making,” we write in our letter to House Speaker Ron Mariano and Senate President Karen Spilka.

The  Mass Leads Act would have pumped billions of dollars in borrowing into the life sciences, climate tech, tourism, artificial intelligence and manufacturing, among other iniatives.

“These programs, many of which provide basic infrastructure support for job growth, are foundational to retaining the Commonwealth’s competitive edge as other cities and states seek to attract jobs and talent,” we add.

Our letter is being sent as part of our affiliation with the Massachusetts Chambers Policy Network, representing ten chambers and a combined ten thousand member employers.

A rare opportunity in Newton and Needham

Beacon Hill’s failure to pass the economic development bill, climate bill and other critical legislation is frustrating and infuriating, especially knowing that two-thirds of the Legislature will be reelected this fall without having to campaign.

However, voters in Newton and Needham have the rare privilege to vote in one of three contested state rep races, starting with competitive primaries on Sept. 3.

Not sure who to vote for?

• In Newton, Fig City News, the Newton Beacon and NewTV offer election coverage and videos.
  
  
• Needham Observer and Needham Local have been covering the contests there.
  
  
• Here’s videos of the chamber’s debates with the candidates competing Sept. 3 on economic development issues.

Please vote.

Apartments hit a record high

Apartment rents hit an all-time high in Greater Boston this summer, while the pace of construction slowed to a decade-long low, reports Steve Adams at Banker & Tradesman.

And here’s a sobering thought:  The price to rent an apartment in newly completed developments in some Gateway Cities and Boston’s outer suburbs now cost what you would have paid to live in Boston’s Seaport District in the 2010s.

And here’s an idea for creating more affordable homes

Those record-high apartment prices have led to some calls for rent control.

But a different idea, suggested by former judge Dan Winslow at New England Legal Foundation, offers a different possible path to creating more affordable homes.

Under the proposal, towns would be encouraged to create multi-family zoning districts where red tape would be reduced to a minimum and project approvals would take no more than two months, reports Scott Van Voorhis at Contrarian Boston.

In exchange for speedy approval (too often the process takes a year or more) developers would agree to cap rents at 80% of annual median income, on half of all new units.

“Excessive land use regulations add costs, uncertainty, and delays in housing construction that drive up the cost of housing for purchase or rent,” Winslow told Van Voorhis.

“Our aim is to create an alternative to government-imposed rent control by creating incentives for private sector owners and developers to yield more value from their property by including affordable rental units in their developments or conversions.”

Today's grab bag

• Stop & Shop’s Newton store at Newton Nexus on Needham Street will close permanently one week from today (Aug. 29). Kerry McCormack at property owner Crosspoint Associates tells Theo Younkin at Fig City News he hopes another grocery store will take its place.
  
  
• The deadline to apply to be an exhibitor at our annual Needham Fall Harvest Fair is tomorrow (Friday). Learn more.
  
  
• Babson College is seeking partners/organizations for its Sustainable Operations and Innovation course. Students will work with you to develop a business model for improving your sustainability.  Contact  Arline MacCormack.
  
  
• The Needham Housing Coalition presents "Confronting the History of Housing Discrimination," Sept. 19 at 7 p.m. at Center at the Heights and on Zoom; Register
  
  
• There’s still time to weigh in on Newton's new city seal designs.
  
  
• Needham Garden Center has expanded to include a full line of hardware products and services. (Needham Observer)
  
  
• WCVB’s Chronicle recently featured chamber members Welcome Home and other organizations that work to support families and youth in need. Watch.
  
  
• That creep found hiding in a boat in a Watertown backyard in 2013 was in federal court yesterday trying to get his death sentence overturned. (Boston25)
  
  
• Retailers Association of Massachusetts presents “Credit card fees stink!” a virtual webinar for merchants about the credit card fee game, Sept.. 17 at 1 p.m. Register.
  
  

SBA enhances working capital, green lending, programs

The Small Business Administration has been enhancing its loan programs and tweaking its small-business services, reports Andy Medici for the Business Journals.

That includes the Working Capital Pilot Program, which will allow businesses to borrow money only as needed and pay interest only on the time the funds are being used.

Loan proceeds may also be used to provide a temporary advance against federal orstate tax credits or rebates in addition to other common uses.  The pilot runs through July 2027.

Also newly expanded is the SBA Green Lender Initiative in support of clean energy investments. The initiative will leverage SBA’s loan guarantees, secondary market, and other services to scale lending to Main Street small businesses working to decarbonize and lower energy costs for American homes and businesses.

The chamber that rows together grows together

Thanks to the nearly 150 folks who attended our annual Summer Celebration last Thursday at Community Rowing.

The evening featured live music from Wellesley Symphony Orchestra, bites from NaisLee Catering (strawberry tres leches were a crowd favorite!) and lots of great conversations and connection-making.

In addition, dozens of chamber members decided to not just network on the banks of the Charles River, but get out on it.  

We’re grateful to the team at Community Rowing for ensuring no one fell in.

Also thanks to the Price Center for the work they do empowering individuals with intellectual and developmental disabilities and sponsoring our event.

Needham NIMBYs borrow from Newton Playbook

Finally today, remember last year when an anonymous group circulated misleading AI-generated graphics of hulking buildings they falsely suggested could be built under Newton’s proposed MBTA Communities-compliant zoning?

Now an anonymous group in Needham is up to the same mischief ahead of this fall’s Town Meeting upzoning vote.

As in Newton, this Needham group doesn’t list its leadership on its website.

And as in Newton, they’re attempting to mislead by depicting massive buildings without required setbacks in locations — such as Memorial Park — where housing would never be allowed

I won’t link to the Needham NIMBYs website.  But do know that if you see graphics showing buildings that are taller or denser, without setbacks, in public spaces in Needham, someone may be attempting to deceive you.

That’s what you need to know for today — the day Starbucks is bringing back you-know-what — unless you need to know, what’s the deal with all those flying ants?

Back next week (and returning to a twice-weekly schedule in September). Until then, enjoy the ride.

Greg Reibman (he, him)

President & CEO

Charles River Regional Chamber

617.244.1688

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