40,000 Housing Units in Limbo

NAIOP, was founded as the National Association of Industrial and
Office Parks. NAIOP
Massachusetts, the “Commercial Real Estate Development
Association,” represents the interests of companies involved with
the development, ownership, management and financing of commercial
properties.
And they have a bone to pick with the legislature.

According to a
statement issued by the organization, Despite working to the early
hours of August 1, the House and the Senate were unable to come to an
agreement that would ensure the passage of An Act relative to
strengthening Massachusetts' economic leadership, otherwise known as
The Mass Leads Act.

Since
August, not much as changed. The statement continues:

NAIOP is
disappointed that this critical legislative package, which included a
two-year Permit Extension Act, critical retroactive zoning
protections for Special Permits and Site Plan approvals, and
investments in our life sciences and innovation economies, will not
be able to advance due to the fact that it is a borrowing bill and
can only be passed in a formal legislative session.

The kicker, they
say, is that without a Permit Extension Act, more than 40,000
permitted-but-not-yet-built housing units across the Commonwealth
could simply go away, with builders and developers forced to
completely restart the permitting process and likely jeopardizing
financing arrangements as well.

As part of a larger
economic development bill, supporters are still hoping it might get
done in the waning months of the year. But that
may be a tall order: the
Legislature does
not resume
formal sessions until January.