Note to reader: There has been a lot of talk recently in Watertown about the need for more affordable housing. One thing everyone in Watertown can do to help build more affordable housing is to attend the City Council Meeting on 4/11 at 7:00 PM and voice their support for proposed linkage fee ordinance that would raise money for affordable housing by applying a modest fee to new large non-residential developments in the city. While there is some debate about the exact fee amount (below is a copy of our letter to the City Council outlining the case for a $15/sqft fee), the most important issue to make sure the linkage fee is implemented as soon as possible, so we do not lose out on any more funds for affordable housing.
Dear City Council President Sideris and City Councilors Gardner, Feltner, Piccirilli, Izzo, Airasian, Bays, Gannon, and Palomba:
We applaud the City Council’s efforts to promote affordable housing, first by establishing the Watertown Affordable Housing Trust and now by working with our state delegation to establish a linkage fee to directly fund affordable housing development. As the council considers enactment of the linkage fee, we urge the council to adopt a linkage fee of $15 per square foot, which our technical analysis below shows is in line with recent increases in residential construction costs not measured by the original Nexus study published last year. The Nexus study published last April recommended the council consider a linkage fee in the range of $9.44 to $11.12, which balances raising revenue for affordable housing while maintaining Watertown’s competitive position in the commercial (mainly focusing on life sciences) development space.