This suburb’s housing boom pays off
This suburb’s housing boom pays off
Good morning,
Max Woolf here, filling in for Greg today.
A UMass Donahue Institute report finds that proposed cuts to federal research and development funding could cost the state thousands of jobs and billions of dollars.
Massachusetts currently receives $8.6 billion in federal research funding each year, generating $16 billion in total economic activity — a two-to-one return on investment.
Co-author Rod Motamedi told WBUR’s Gabrielle Emanuel that “It’s not just [academia] and the research labs that are seeing benefits from this… It’s restaurants. It’s construction. It’s real estate. It’s transportation. It’s warehousing.”
In fact, two in five jobs created or supported by federal R&D spending are in businesses that never receive those funds directly. The Donahue Institute finds that federal money supports 4,200 jobs in real estate and construction, nearly 3,000 in retail, and almost 1,600 in transportation.
They also warn that the administration’s proposal to cap indirect research funding costs at 15% could result in 3,300 fewer jobs, $316 million less in income, and $19.7 million less in state and local tax revenue.
While that cap has been blocked in court for now, the threat to research funding is very real.
Just last week, the administration cut $400 million in mRNA vaccine research, a move that will directly impact many Massachusetts companies, according to WCVB.
This suburb’s housing boom pays off
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One suburban community is proving that adding housing can lower rents and improve city finances.
In 10 years, New Rochelle, NY, a city of 81,000 (just a little smaller than Newton), added 4,500 new apartments, with another 6,000 on the way. That’s a 37% jump in housing stock.
The result? While rents spiked nationwide last year, New Rochelle’s median rent fell 2%, according to Rebecca Picciotto at The Wall Street Journal.
City leaders didn’t stumble into this outcome. The council rewrote zoning rules so any qualifying residential project gets approved within 90 days. “They set the playbook, then private developers could come and play,” one developer told the WSJ.
The city also used “master plans” to approve thousands of units in one go, avoiding endless case-by-case zoning fights, while using the large-scale development to secure public perks like a 10,000-square-foot theater for local artists.
The payoff has been felt citywide. The added housing has kept rents in check and drawn young professionals back, while the surge in development has boosted city revenue.
Mayor Yadira Ramos-Herbert says that new funding is helping expand food services, repair infrastructure, and offer down-payment assistance to first-time homebuyers.
Who would have thought…making it easier to build housing is a winning formula?
Vote for the winners — and save your seats
Every year, the chamber hosts small business award ceremonies in each of our other communities — and now we’re bringing them to Newton with our First Annual Newton Small Business Awards, happening Sept. 17 at 6:30 p.m. at the West Newton Cinema.
And this time, you get to choose the winners.
After receiving more than 100 nominations, over 1,000 people have already voted. Now it’s your turn. Voting is open for:
- Best New Small Business (opened in 2022 or later)
- Outstanding Independent Restaurant of the Year
- Outstanding Independent Retailer of the Year
Cast your vote for the businesses you believe are most deserving by Aug. 22 at noon, and help us celebrate the places that make Newton thrive.
Winners of three additional award categories will be selected by a panel of judges.
P.S. Tickets are now on sale — save your seat.
Close vote clears way for Keno in Upper Falls
The Newton City Council voted 17–6 last night to grant a special permit for Keno lottery screens at Upper Falls’ Echo Bridge Restaurant — just one vote above the 16 needed for approval.
The proposal sparked significant debate after a delayed vote at the prior meeting. Both Upper Falls councilors, Andrea Downs and Bill Humphrey, opposed it, warning that expanded gambling access could worsen the community’s mental health challenges.
Other councilors emphasized the need to support small businesses.
“Even though the pandemic is over, running a restaurant is a tremendous challenge,” said Councilor Lenny Gentile, noting that Keno is just “one tool in the toolbox” to help operators.
We shared this view in a letter to the council earlier this month, noting that restaurants are turning to creative solutions to remain viable and stabilize revenue during uncertain times.
Tuesday grab bag
- Yesterday, Governor Healey demanded that the president of Republic Services return to the bargaining table and negotiate in good faith to end the ongoing workers’ strike that has disrupted trash pickups. She called the company’s refusal to negotiate “unacceptable” and reiterated her administration’s offer to help facilitate talks.
- 24 acres of state-owned land will be auctioned off at the Four Points Sheraton-Boston Newton on Sept. 10. Part of the state’s new push to dispose of land for housing production, the Healey administration estimates the effort could ultimately produce 3,500 new homes.
- Amarin of Thailand in Wellesley has closed, while a new Indian restaurant, Virsa the Punjab, is slated to open at the former Toscana’s space in Wellesley Square. (Swellesley Report)
- The Watertown Square Connector shuttle stop has been relocated to 66 Galen/Watertown Yard, and shuttle times have been adjusted to reflect this change. Pleasant Street Shuttle schedule.
- Last night, the Newton City Council confirmed Tom Gloria, Deb Crossley, Peter Barrer, and Kristen Avila as the mayor’s nominees to the BERDO Advisory Commission. This commission will help craft regulations requiring large commercial buildings to reduce emissions.
- Amtrak’s new NextGen Acela trains debut Aug. 28, promising faster trips, more seats, and upgraded amenities along the Northeast Corridor.
- The state is making good on its warning to withhold grants from cities and towns that reject the MBTA Communities law. In Marblehead, noncompliance has already put several state funding sources in jeopardy. (Marblehead Current).
- Watertown City Councilor Emily Izzo will now work for the City of Waltham. Watertown News reports she recently accepted a position as an Assistant City Solicitor there. She intends to continue her service on the Watertown City Council.
- Callie Crossley, longtime GBH host and Wellesley College alum, will be inducted into the National Association of Black Journalists Hall of Fame on Aug. 8. She’s one of eight journalists to receive the honor this year, and the only one from the Boston area. (BBJ).
- NewTV is offering a special early bird offer for chamber members attending its Future Forward Gala on Sept 30. Purchase tickets by Aug. 30 and receive a NewTV swag bag worth $50. (Enter code SWAGBAG under CRCC Promo Code.) Companies purchasing a table sponsorship will also receive ad space in NewTV’s weekly e-newsletter. (Enter code ADSPACE in the CRCC Promo Code field.)
Watertown mulls extending tax hike on businesses
Tonight (Tuesday), the Watertown City Council will vote to ask state lawmakers to permanently extend a special exemption that allows the city to tax commercial properties at a higher rate.
For the past two years, Watertown, with the approval of Beacon Hill, has been able to shift more of the city’s tax burden from residents onto businesses. Watertown’s exemption is set to expire this year.
Newton and Needham also tax commercial properties at about a 175% shift above residential, the same shift Watertown is seeking. Wellesley does not.
We urge Watertown’s leaders to exercise restraint when setting property tax rates.
The current economic uncertainty caused by tariffs, inflation, high interest rates, immigration disruptions and federal research funding cuts is impacting nearly every size business, from the lab, tech and health sectors to our small, locally owned restaurants, retailers, and service providers.
Shark Ninja seizes the moment
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Needham-based kitchen and vacuum brand, SharkNinja, is capitalizing on its role in the new F1 movie.
Last month, Greg wrote about the company’s high-profile placement as the title sponsor of Brad Pitt’s fictional racing team.
A month on, it seems like the partnership has paid off — CEO Mark Barrocas told the Globe’s Jon Chesto that their placement in the movie has already delivered a return at least six times their investment.
The company also plans to leverage its growing brand recognition to unify its kitchen and vacuum lines.
And it looks like fiction may become reality as Barrocas reports that every real Formula One team has now approached the company about a sponsorship opportunity.
And that’s what you need to know for today, unless you need to know that there is a new circle in Newton Corner’s circle of death.
Public Policy and Government Affairs Manager
Charles River Regional Chamber
617-431-6101
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