NEW BEDFORD, Mass. (WJAR) — Massachusetts Gov. Maura Healey’s administration has announced that $27 million of state aid is going towards creating over a thousand housing units in the state.
“The housing crunch in America used to be a big city thing, now it’s an every city thing,” says New Bedford Mayor Jon Mitchell. “We are doing all we can to increase the supply inn housing because all else being equal, when you raise supply, prices tend to go down.”
The hope is that the new initiative will increase the supply of housing which will hopefully decrease the demand.
“The idea here is to facilitate the construction of housing and when you bring supply and all else being equal, you tend to push down the price. So that’s really the idea, making more housing for people who out there seeking it because there’s plenty of people looking for it now,” said Mitchell.
Many said they are looking forward to it.
Luckily, the city is one of the 12 places that will have new housing from the state aid. The units will be available on Union Street and Elmwater Landing.
“These two developments will be really nice addition to the downtown area, the keystone site has been a missing tooth on Union Street for many years,” he said. “We have a lot of folks looking for housing but not enough houses out there to satisfy that demand.”
Porter Street in Taunton will also receive more housing from this state aid.