March 3, 2020
Opinion/The Daily Item

New code-compliant housing. More property tax revenue. Housing shifting to favor renters away from landlords. 

These are but three positive characteristics defining the most significant growth in Lynn’s housing market and development landscape in decades. We applaud the developers who are making change happen in a city where a housing transformation is long overdue. 

*Developer Michael Procopio is building a 10-story building between Oxford and Munroe streets that will have 259 market-rate apartments. *Patrick McGrath has plans to build a total of 624 condominiums and apartments in two projects to be located at opposite ends of the Lynnway. 

*Developer Charles Patsios wants to shepherd $500 million worth of investment onto the former GE gear-plant site located between the Lynnway and the commuter rail tracks. 

*The former Beacon Chevrolet site on the Lynnway is being transformed by Minco Corporation into a residential project that includes a small park under construction on a former Central Square vacant lot. 

Progress has come to Lynn and firmly set down roots. Progress means change and we agree with the developers who insist that change can only be good for Lynn. 

Adding new housing units to the market translates into more options for renters and buyers. In a free market economy, options translate into opportunities for people who are now stuck living in old, rundown housing. 

“With all this new housing coming on, it actually creates competition that drives prices down,” Patsios told The Item.

Adding new housing to the market generates more property tax revenue to pay for schools and public safety in Lynn and encourages more affordable housing in a city that desperately needs it. 

“I think it’s important to have market-rate taxable property for the better (ment) of the city,” said McGrath. 

Development centered on housing has all but transformed lower Washington Street. A stretch of rundown bars and vacant lots is now modern and attractive housing that has attracted a new business — Lucille Wine Shop and Tasting Room. 

The Washington Street housing and Procopio’s Oxford Street high-rise are within walking distance of the commuter rail station. These developments demonstrate Lynn’s commitment to making a great city greater. 

City officials have planned for years for a future that includes new housing in an old city. Developers are turning those plans into reality. Now it’s up to city residents and future residents to use their voices and their wallets to push for even more housing locally.