The island is short roughly 892 to 1,081 rental units.
The opposition to three workforce housing projects approved by the Nantucket Planning Board this year reveals the tensions in the island's housing market, writes Allaire Conte in Realtor.
The wealthy town, where 55% of homes are for seasonal or part-time use, swells from a population of 15,000 to nearly 80,000 during peak season. The median home price is $4.9 million, and homeownership is out of reach for 90% of year-round residents, according to nonprofit Housing Nantucket. The hospital, schools and other employers widely report losing employees or having trouble hiring due to a lack of affordable housing in the area. This is prompting town leaders to treat workforce housing as an urgent issue.
As Conte explains, the fact that 94% of Nantucket's land prohibits multifamily housing means that "With few places where the island can add housing by right, employee housing often has to move through special permits, employer-backed projects, and one-off approvals."
Read the full story: Not in My (Second) Backyard: Nantucket’s Worker Housing Fight Reveals the Cost of Vacation Homes
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