WOW Graphics Impaakt Social Media 37

"Boston Properties contributes to gentrification in Boston through its bay area developments."

The Impaakt Team

7 min Read Time | March 11th 2022

WOW Graphics Impaakt Social Media 37

How do Boston Properties exasperate the issue of gentrification through their development choices?

Our article of the week selects the top published pieces on the Impaakt platform that week. We assess how companies impact the planet and society through their products, processes, and even their ideas. Ultimately creating data and reports for financial institutes to use when decision making.

The winner this week is:

Written by: Claudia Muciño

Company: Boston Properties

SDG 10: Reduced Inequalities

Read the full article below.

"Boston Properties contributes to gentrification in Boston through its bay area developments."

Gentrification is the process in which people, usually from vulnerable communities, are displaced from their homes in traditionally disinvested neighborhoods due to real estate investment1. Millions of renters face forced evictions due to this every year in the US; the Hispanic and Black communities are especially affected1. Displacements can lead to stress and depression, adverse health impacts, disruptive academic performance, intensified poverty conditions, and long-term financial stress1. Waterfronts and bay areas worldwide used to be working-class spaces from which vulnerable people had been displaced lately due to real estate investment11.

Boston is the 3rd most gentrified city in the US2. Residents in historically working-class neighborhoods such as East Boston, Roxbury, Mattapan, and South Boston cannot pay their rents because the prices keep rising due to real estate investment2.

Boston Properties (29.85% real estate market share in Boston10) is one of the companies that had been enabling gentrification due to its investment in historically working-class neighborhoods creating high-end buildings in the bay area3. 4 of its 55 Boston projects (out of 193 in the US)5 are located in Boston Harbour, waterfront, and Back Bay and occupy +491K m2 where prices had doubled in the last 5 years3,4. Boston’s home prices had increased by 66% in the last 10 years, while US overall price increased only 19%, and the bay area in Boston is the priciest neighborhood6. The Back Bay in Boston is now one of the most expensive places to rent an apartment, with an average cost of $3,270, which is 66% more expensive than renting a similar place in Waltham, Boston’s most affordable neighborhood7. 16,427 people live in Back Bay, 2% of Boston’s population8,9.

Gentrification is a problem that affects the most vulnerable and their opportunities to go out of poverty. Through its investment in the bay area, Boston Properties creates gentrification in Boston, reinforcing the problem.


Make sure you log in to rate the impact described in the article.

Related
Articles

Based on the article you've just read, here are some more we think you'd be interested in.

WOW Graphics Impaakt Social Media

9 Min read

Schneider's energy-efficient and water optimization solutions help companies manage resources

How are Schneider's innovative technologies helping companies reduce their footprint?

WOW Graphics Impaakt Social Media 1

9 Min read

Tyson’s 5.95Mt of meat products release 730k t of eutrophying emissions, contributing to dead zones

What is Tyson's meat products' impact on the environment?

WOW Graphics Impaakt Social Media

9 Min read

With 400,000+ EV chargers sold worldwide, ABB is leading the way to clean mobility

How is ABB participating in the energy transition with its product?

WOW Graphics Impaakt Social Media

9 Min read

In 2021, Geberit’s dual-flush & flush-stop cisterns helped conserve 3.6 trillion liters of water

What is the impact of Geberit's technology on water conservation?

WOW Graphics Impaakt Social Media

9 Min read

Novartis expanded access to medicines for 56.2 million people in underserved groups in 2021

How is Novartis providing access to medicine to underserved groups?

WOW Graphics Impaakt Social Media 1

9 Min read

Michelin sourced about 3.2Mn t of raw materials, resulting in over 400k hectares of deforested areas copy

What is the impact of Michelin's sourced materials on the environment?

WOW Graphics Impaakt Social Media

9 Min read

Vestas' total installed wind power makes up nearly 12% of the global wind power generation

How does Vestas impact the renewable energy field and the environment with its technology?

WOW Graphics Impaakt Social Media 33

9 Min read

Bayer’s neonicotinoid pesticides are significantly disrupting ecosystems

Discover the impact Bayer’s neonicotinoid pesticides have on bee's and ecosystems

WOW Graphics Impaakt Social Media 24

9 Min read

Invesco’s AUM performed 70% better than the top half of their peer group over a 10-year period

Our article of the week looks at the impact that Invesco has had by being a top performer in the market.

WOW Graphics Impaakt Social Media 17

9 Min read

BASF’s massive provision of chemicals makes possible the production & innovation of everyday items

Weekly Outstanding Impact Analysis 15th October

Fiancial times impaakt

8 Min read

Impaakt referenced in the Financial Times

Moral Money article references Impaakt and it's unique approach to impact measurement.

Swiss Fintech Start up map

7 Min read

Impaakt featured in Sustainable Fintech Startup map

A new map of the Swiss Fintech sector has been released in a project by the Swiss Green Fintech Network.

World Green Background Sustainability small

Let’s take action together

With the right investment companies having a positive impact on the planet are able to flourish. Our community forms part of that mission by measuring their impact.

Join Us