Boston’s new luxury towers appear to house few Bostonians
Many buyers of condos in the new luxury towers are either part-time residents or investors, according to a new report.
Many buyers of condominiums in the new luxury towers sprouting around Boston are either part-time residents or investors — sometimes with no clear connections to Boston — according to a study published Monday that argues the city’s high-end building boom is doing little to help local residents.
Researchers with the Institute for Policy Studies, the Washington, D.C., think tank that produced the report, combed property records for some 1,800 condos in 12 newer luxury buildings in Boston, from the Millennium Tower in Downtown Crossing to the petite Le Jardin, overlooking the Public Garden.
They found that more than one-third of the units are owned by limited liability companies, trusts, and other business entities that allow buyers to obscure their identities. Just 36 percent of owners requested the property tax exemption the city offers homeowners — a sign that the owners may live elsewhere most of the time.
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