01:00 AM EDT on Tuesday, September 27, 2005

A recent report commissioned by the Boston Foundation and the Citizens' Housing & Planning Association asserts that Greater Boston now has the highest housing costs in America.

The assertion needs to be scrutinized -- studies by advocacy groups can serve to support pre-existing opinions -- but the gist of the report cannot be denied: Housing costs in this region are very high. Young adults today, though generally having higher incomes than their Baby Boomer parents did, have a much harder time buying their first home.

Thirty years ago, many urban neighborhoods contained basically solid housing stock that could often be had at bargain prices, owing to the mass emigration to the suburbs of the 1950s and '60s. Today, many of those houses are million-dollar properties.

Whatever the product, the solution to a price rise stemming from a shortage is to increase the supply. Understanding this, Governor Romney's administration has tried to ease the permitting process for new housing, especially near public transportation, to discourage sprawl. So Massachusetts's housing starts have increased some 28 percent in 2003 and 12 percent in '04 -- a substantial rise, though not yet enough to affect sale prices. The severity of the housing shortage, the high cost of buildable land, and the numerous environmental regulations -- along with much red tape -- continue to prevent the home-construction market from functioning more like a real market.

High housing costs inflict serious hardships on both poor and middle-income families, so we support policies that ease construction of solidly built units that these families can afford. We also, when it's environmentally prudent, oppose the NIMBYism that can block such housing.

Nevertheless, it is worth bearing in mind that a somewhat tight housing market has certain upsides. One might be the reduced danger of a market collapse.

Another upside, in a sense, is that one of the causes of the tight market benefits nearly everyone: the high quality of life here in New England. With the wonderful cities and towns, varied and often beautiful landscape, great universities and other cultural attractions, storied sports franchises and dramatic seasonal changes (welcome, gorgeous autumn!) -- we could go on -- people want to live here. That many well-off people want to live here, of course, drives up the cost.

The downside of the region's tight housing market must, of course, be dealt with. Still, we shouldn't lose sight of the fact that, all in all, most of us are blessed to live in New England.