Greater Boston continues to be rocked by an affordability crisis, according to Boston's annual housing report recently unveiled by The Boston Foundation.
The report, published Nov. 12, reveals permits for future projects are in decline, homelessness continues to climb and the path to homeownership is steeper than ever before.
"Housing inequality has deepened across the region, with first-time homebuying slipping further out of reach and renters at all income levels facing rising cost burdens," the report states.
Federal actions -- including tariffs and a crackdown on immigration -- could further escalate housing production costs, reduce the number of construction workers and "slow development to a crawl," according to the report.
Tamara Small, CEO of NAIOP Massachusetts, a trade association representing the commercial real estate industry, said the report underscores a long-standing issue: Massachusetts is not producing enough housing to meet demand.
"The reason why we have this affordability crisis is because we don't have enough housing," she said.
The report found there has been a "meaningful increase" in the number of housing completions, with more than 70,000 homes being constructed in Greater Boston since 2020. However, the issuance of permits -- a key indicator for future levels of housing construction -- is "way down," according to the report.
Despite these recent increases, the report states that "vacancies remain low, and prices remain elevated." The data shows there is a "significant slowdown in future production."
"We need more production in markets," said Small. "Where production of housing goes up, the costs go down."
She pointed to Gov. Maura Healey's state-wide target of producing 222,000 units by 2035 as a critical benchmark. Small said meeting this goal requires reducing local opposition to real estate projects, creating a "clear and predictable" permitting process and revising regulations that add significant cost to building.
"There really isn't one silver bullet to solving the state's housing crisis, but in fact, there are a number of steps we can take and cobble together," she said.
For some Boston residents, the findings of the report are hardly a surprise.
"I would expect Boston to continue to be one of the most expensive [cities]," said Yifan Chen, a Northeastern graduate student.
Chen said she believes the constant influx of tourists and college students plays a role in keeping housing demand and prices high.
According to the report, visa approvals for students and foreign workers have "fallen sharply," and the flow of refugees into the city has ground to a halt following the enforcement of stringent federal immigration policies.
However, the report states a decline in the city's immigrant population is unlikely to increase housing affordability.
"While slower immigration might modestly ease housing demand, that is no substitute for instead simply building more housing," the report reads. "Population stagnation or loss undermines economic growth, reduces the tax base, and hurts overall cultural vibrancy."
Rates of homelessness remain near record highs, according to the report.
While eligibility restrictions and capacity limits reduced the number of families in the emergency shelter system by roughly 50% this year, it is unknown how many secured housing versus how many "simply lost shelter," the report states.
Lee Jones, who is experiencing homelessness, said he has been followed in stores and denied basic courtesies in the city.
"People are so quick to look down on you and judge you," he said. "They think that you don't belong because ... of the way you look."
Jones said stigma shapes how both the public and the shelter system treat unhoused residents, adding that securing housing "takes a very long time."
"We're not being taken seriously," said Jones.
He said issues with his insurance have also barred him from securing critical services.
"I'm trying to get my life together," he said. "I'm serious about my recovery and everything, and you're going to throw me out to the wolves?"