Boston Economic Opportunity and Inclusion Chief Segun Idowu goes 'On The Record' on economy, federal funding, housing

IT IS SUNDAY, APRIL 27TH. BELIEVE IT OR NOT, THE FINAL WEEKEND OF THE MONTH. BOSTON’S CHIEF OF ECONOMIC OPPORTUNITY AND INCLUSION, SHAGUN IDOWU, IS OUR GUEST THIS MORNING. LET’S GO ON THE RECORD. UNCERTAINTY OVER THE FUTURE OF FEDERAL FUNDING. EMPTY OFFICE BUILDINGS AND SHORTAGE OF HOUSING. WHAT CAN HE DO ABOUT IT? BOSTON’S ECONOMIC CHIEF IS IN THE CHAIR THIS MORNING. IT’S TIME TO GO ON THE RECORD FROM WCVB CHANNEL 5 THE INSIDE WORD FROM WASHINGTON TO BEACON HILL. TODAY’S NEWSMAKERS ARE GOING ON THE RECORD. WELCOME TO OTR, EVERYONE. I’M ED HARDING AND I’M SHARMAN SACCHETTI. WE CAN TELL YOU AT THE TABLE WITH US. BOSTON’S CHIEF OF ECONOMIC OPPORTUNITY INCLUSION, SHAGUN IDOWU. HE HAS SERVED IN THAT ROLE SINCE 2022. BEFORE THAT, HE WAS PRESIDENT OF AND CEO OF THE BLACK ECONOMIC COUNCIL OF MASSACHUSETTS AND IS A LIFELONG BOSTON RESIDENT. THANKS FOR BEING HERE. THANKS FOR HAVING ME. GREAT TO SEE YOU. GOOD MORNING. CAN YOU BELIEVE IT’S MAY ALREADY? WE’RE RIGHT AROUND THE CORNER, RIGHT? I CAN’T BELIEVE IT. I’M SO HERE. LET LET’S TALK ABOUT THE LET’S START WITH THE TRUMP ADMINISTRATION, BECAUSE IT IS THE UMBRELLA THAT SEEMS TO AFFECT EVEN DOWN TO CITIES AND NEIGHBORHOODS, YOU KNOW, NOT JUST THE FEDERAL GOVERNMENT. SO A FEDERAL JUDGE IS BANNING THE TRUMP ADMINISTRATION FROM DENYING OR CONDITIONING THE USE OF FEDERAL FUNDS TO SANCTUARY CITIES. SO WHAT IS WHAT IS YOUR REACTION TO THAT? WHAT’S YOUR READ OF THAT? WHAT IS THAT TO YOU? WELL, YOU KNOW, FIRST OF ALL, THANK YOU FOR HAVING ME BACK AND APPRECIATE THAT QUESTION. IT’S CERTAINLY SOMETHING THAT IS OMNIPRESENT IN THE DECISIONS AND CONVERSATIONS THAT WE’RE HAVING THROUGHOUT THE CITY, NOT JUST IN LOCAL GOVERNMENT. YOU KNOW, THE DAY AFTER THE ELECTION IN NOVEMBER, MANY OF US IN CITY HALL PRINTED OUT PROJECT 2025, ALL 900 PAGES TO BEGIN TO UNDERSTAND WHAT WE WERE GOING TO BE FACING. AND WE ARE PREPARED FOR WHAT WE’VE BEEN SEEING. IT’S NOT A SURPRISE TO US, AS IT MIGHT BE A SURPRISE TO OTHERS. AND SO, YOU KNOW, MY REACTION IS MUCH OF WHAT THIS PRESIDENCY HAS BEEN DOING IS NOT LEGAL, AND IT’S NOT HELPFUL FOR A PRESIDENT AND AN ADMINISTRATION THAT SAY THEY WANT TO SEE A STRONG AMERICA. THE DECISIONS THAT THEY’RE MAKING ARE MAKING US LESS STRONG AND ARE HARMING OUR RESIDENTS. AND FRANKLY, NOT JUST THE LOCAL ECONOMY, BUT THE UNITED STATES ECONOMY. LESS STRONG, YOU BELIEVE, RIGHT? NOT JUST BELIEVE THE DATA BEARS IT OUT. AND SO IT’S GOING TO IMPACT AND HARM MANY OF OUR RESIDENTS, WHICH IS NOT GOOD FOR THE FUTURE OF THE COUNTRY. BOSTON REALLY RELIES ON FEDERAL FUNDING. WE DO, WHETHER IT’S FOR HOUSING, NIH RESEARCH, OUR UNIVERSITIES, OUR HOSPITALS RELY ON IT. IT’S ONE OF THE REASONS WE’RE THE LIFE SCIENCE HUB OF THE WORLD AND WHY WE’RE THE EDUCATIONAL HUB OF THE WORLD, YOU KNOW, AND THE DECISIONS THAT ARE BEING MADE IN D.C. ARBITRARILY, MIND YOU, YOU KNOW, ARE GOING TO HAVE SIGNIFICANT IMPACTS ON THE AMOUNT OF JOBS THAT WE HAVE, THE FUNDING THAT’S COMING IN OUR GROSS CITY PRODUCT IS GOING TO TAKE A HIT IF THEY REMOVE THIS FUNDING. BUT WE ARE GRATEFUL FOR CHAMPIONS LIKE HARVARD UNIVERSITY AND BOSTON UNIVERSITY AND OTHERS WHO ARE STANDING UP TO THIS. YOU KNOW, HARVARD WAS THE MIDWIFE OF DEMOCRACY. AND SO OR AT LEAST ONE OF THE MIDWIVES OF DEMOCRACY, AND WE’RE HAPPY THAT THEY’RE TAKING A STAND. WELL, LET’S TALK ABOUT HARVARD, BECAUSE THE PRESIDENT IS RATCHETING UP HIS RHETORIC AGAINST HARVARD UNIVERSITY UNIVERSITY, CALLING IT A THREAT TO DEMOCRACY. THE UNIVERSITY IS SUING THE TRUMP ADMINISTRATION FOR TAKING AWAY MORE THAN $2 BILLION IN FUNDING AFTER IT REFUSED TO BOW TO HIS DEMANDS. HIGHER EDUCATION. IT’S A BIG PART OF THE CITY’S ECONOMY. WHAT ARE YOU HEARING FROM SCHOOLS ABOUT THIS? WELL, HEARING AND SEEING. RIGHT. I MEAN, THEY ARE CERTAINLY TAKING THIS SERIOUSLY. BUT WHAT I AM GRATEFUL FOR IS THAT THEY ARE NOT KOWTOWING, THAT THEY ARE NOT BOWING, THAT THEY ARE NOT OBEYING IN ADVANCE TO WHAT WE SEE HAPPENING IN D.C., THAT THEY ARE STANDING UP IN UNISON. HARVARD IS NOT ALONE. AND MANY TIMES WHEN WE’VE SEEN THREATS TO WHATEVER PART OF OUR DEMOCRACY, USUALLY IT’S ONE ENTITY OR ONE PERSON BY THEMSELVES. BUT WE ARE GRATEFUL THAT IN THIS TIME THEY’RE ALL STANDING TOGETHER. HARVARD HAS TIES TO ALL KINDS OF INDUSTRIES IN IN THIS STATE, CERTAINLY BIOTECH, REAL ESTATE, OTHER INDUSTRIES. WHAT’S THE IMPACT ON THEM IF IF FUNDING IS FROZEN AT HARVARD, IT’S THERE’S A HUGE IMPACT. AND IT’S NOT JUST HARVARD, RIGHT? ALL OF OUR UNIVERSITIES IN SOME WAY, SHAPE OR FORM RELY ON SOME KIND OF FEDERAL FUNDING. BUT IT’S NOT EVEN JUST THE SO THE THE JOBS ARE GOING TO BE IMPACTED. THE THE HEALTH OF OUR ECONOMY IS IMPACTED, BUT LIVES ARE IMPACTED. THESE ARE UNIVERSITIES AND MEDICAL INSTITUTIONS THAT ARE STUDYING, YOU KNOW, HOW TO DEFEAT CANCER, HOW TO DEFEAT, YOU KNOW, DISEASES THAT ARE THAT ARE HARMING SO MANY OF OUR RESIDENTS. AND SO, YOU KNOW, YES, AS THE ECONOMIC CHIEF, I AM GRAVELY CONCERNED ABOUT THE IMPACT ON THE JOBS AND ON THE ECONOMY. BUT BUT MOST IMPORTANTLY, I’M WORRIED ABOUT THE IMPACT ON LIVES. SO LET’S LET’S TALK ABOUT LET’S TALK ABOUT THE ABOUT HASBRO FOR FOR MORE THAN A YEAR, HASBRO HAS BEEN CONSIDERING RELOCATING TO BOSTON FROM PAWTUCKET, RHODE ISLAND. NOW IT APPEARS THE DECISION HAS BEEN DELAYED AGAIN UNTIL THE SUMMER. BOTTOM LINE IS IT GOING TO HAPPEN. IS HASBRO GOING TO MOVE HERE? YOU KNOW WELL FIRST I’LL SAY WE WERE SO GRATEFUL TO WELCOME OUR NEW NEIGHBORS LEGO HERE JUST A COUPLE OF YEARS AGO. AND THEY’LL BE MOVING INTO THEIR SPACE SHORTLY. HASBRO. YOU KNOW, WE ARE CONTINUING TO KEEP THE DOORS OPEN. BOSTON AS THE MAYOR, AS MAYOR SAYS, IS A HOME FOR EVERYONE. SO WE BE HAPPY TO BE A HOME FOR HASBRO. BUT, YOU KNOW, SOUNDS LIKE YOU’RE STILL WAITING TO HEAR. WELL, WE’RE WAITING TO HEAR. YOU KNOW, THEY THEY HAVE TO MAKE REALLY IMPORTANT DECISIONS AGAIN, YOU KNOW, THE THE EFFORTS OF THIS ADMINISTRATION OR THE POLICY STANCES ARE IMPACTING EVERY COMPANY IN THE UNITED STATES. BUT I WILL SAY THAT HASBRO IS NOT THE ONLY COMPANY THAT WE ARE LOOKING FORWARD TO WELCOMING TO BOSTON ONE DAY. THERE ARE MANY OTHERS THAT ARE COMING TO BOSTON, OPENING UP, SURE, BUT. BUT HOW BIG IS UNCERTAINTY? YOU KNOW, NOT NOT NOT JUST FOR BUSINESSES, BUT FOR THE CITY AS WELL. HOW BIG AN ISSUE IS THAT? YOU KNOW, STABILITY IS IMPORTANT, CONSISTENCY IS IMPORTANT. AND FOR A LOT OF PEOPLE WHO HAD CRITICISMS OF THE PREVIOUS ADMINISTRATION, WHICH I WILL SAY DELIVERED SO MUCH THAT ALLOWED US TO TO SUPPORT ALL 681,937 RESIDENTS OF THE CITY. YOU KNOW, THERE WAS CONSISTENCY AND STABILITY. YOU KNEW DAY TO DAY WHAT WAS GOING TO HAPPEN WITH THIS ADMINISTRATION. IT COULD BE TWO IN THE MORNING AND A WHOLE DIFFERENT TARIFF POLICY IS ANNOUNCED. AND THAT IS NOT HELPFUL FOR COMPANIES THAT ARE MAKING LONG TERM DECISIONS. THE PRESIDENT STILL AWAKE. THAT’S TRUE BECAUSE THE PRESIDENT STILL. YOU’RE RIGHT. YES. A MAJOR BOSTON TOWER JUST SOLD LAST WEEK AT A DISCOUNTED PRICE. 99 HIGH STREET IS $100 MILLION OFF THE CITY’S ASSESSED VALUE OF THE BUILDING. NOW, BOSTON RELIES ON PROPERTY TAXES HEAVILY FOR REVENUE, MUCH OF IT FROM BIG COMMERCIAL BUILDINGS. IF THEIR VALUE GOES DOWN, MONEY FOR CITY SERVICES CAN START TO DRY UP. SO WHAT DOES THIS SALE TELL YOU ABOUT HOW THINGS ARE GOING THAT BOSTON IS WORTH INVESTING IN? AND I HAVE TO SAY, YOU KNOW, SO THAT SALE, THE COMPANY THAT BOUGHT THE BUILDING IS SYNERGY, DAVE GREANEY, WHO IS THE CEO OF THAT COMPANY, HAS BEEN A LONG TIME INVESTOR IN THE CITY, GRATEFUL TO HIM FOR HIS PARTNERSHIP. YOU KNOW, HE AND THE MAYOR TALK REGULARLY, SO I’M GRATEFUL THAT IT WAS SYNERGY THAT GOT THAT BUILDING BECAUSE THEY CARE ABOUT THE CITY, ESPECIALLY OUR DOWNTOWN. BUT FOR ME, WHAT IT SHOWS IS, IS AND WHAT WE’VE BEEN SEEING IS SO MANY COMPANIES ARE CHOOSING TO COME BACK TO OUR DOWNTOWN. I KNOW THAT WHEN YOU JUST LOOK AT DOWNTOWN IN THE NUMBERS, IN A VACUUM, YOU KNOW, THERE’S ALL THIS CONVERSATION ABOUT WHAT THE FUTURE COULD BE. BUT COMPARED TO OTHER CITIES, WE ARE IN A WE ARE VERY WELL POSITIONED AS A CITY. AND, YOU KNOW, AGAIN, WHAT KIND OF PROGRESS ARE YOU MAKING IN TERMS OF SOME OF THESE EMPTY OFFICE BUILDINGS? SURE. WELL, THERE’S A IT’S A WHOLE THERE ARE MANY THINGS HAPPENING TO ENSURE THAT OUR DOWNTOWN REMAINS STRONG AS THE CORE OF OUR CITY. SO, YOU KNOW, JLL PUT OUT THEIR QUARTERLY REPORT EARLIER THAT SHOWS THAT VACANCIES ARE DOWN. I FORGET THE IT’S IT’S A BROKER COMPANY. AND SO THEY PUT OUT THEIR Q1 REPORT EARLIER THAT SHOWS THAT VACANCIES ARE DOWN. LEASING ACTIVITY IS GOING UP BECAUSE COMPANIES ARE CHOOSING TO COME TO BOSTON. FOOT TRAFFIC IS UP AND NEARING WHERE WE WERE IN 2019. AND SO AGAIN, WE SEE ACTIVITY RISING. AND, YOU KNOW, WE WERE TALKING EARLIER ABOUT THE MARATHON AND ITS IMPACT AND YOU COULDN’T MAKE IT DOWN THE STREET. BUT IF YOU GO DOWNTOWN TODAY, HUNDREDS OF MILLIONS OF DOLLARS, HUNDREDS OF MILLIONS OF DOLLARS POURING IN, WE’RE GRATEFUL TO JACK AND THE TEAM. BUT IN DOWNTOWN, THE SAME IS TRUE IF YOU ARE WALKING DOWNTOWN, ESPECIALLY DURING LUNCHTIME, DURING THE WEEK, HARD TO, YOU KNOW, WALK THE STREETS BECAUSE THERE’S SO MANY TOURISTS AND SO MANY FOLKS THAT ARE THERE TO SUPPORT OUR BUSINESSES. THE MAYOR IS EXPANDING A PROGRAM TO OFFER BIG PROPERTY TAX BREAKS TO DEVELOPERS WHO ACTUALLY DO WANT TO CONVERT DOWNTOWN DOWNTOWN OFFICE BUILDINGS INTO APARTMENTS THEMSELVES. SO. SO HAVE YOU HAD MANY TAKERS AND HOW SUCCESSFUL IS IT? SO WE’VE GOT ABOUT THE PLANNING DEPARTMENT HAS ABOUT 15 APPLICATIONS REPRESENTING ROUGHLY 750 OR MORE UNITS THAT WOULD BE CREATED, 1500 NEW RESIDENTS THAT WILL BE DOWNTOWN AND ABOUT 20% OF THEM ARE AFFORDABLE. SO, YOU KNOW, WE’RE, YOU KNOW, MAKING PROGRESS. AND EARLIER THIS YEAR, WE EXPANDED THAT TO INCLUDE WORKFORCE AND STUDENT HOUSING TO KIND OF DIVERSIFY THE RESIDENT BASE. WHAT IS THE DEFINITION OF AFFORDABLE IN BOSTON? YOU SAY 20% ARE AFFORDABLE. WHAT’S THE DEFINITION OF THAT? WELL, IT’S ON A SPECTRUM. SO THE AMI OR AREA MEDIAN INCOME BASED ON THE PERCENTAGES OF WHATEVER THE THE AREA INCOME IS. GOT IT. SO BOSTON IS MOVING FORWARD WITH THE RENOVATION OF WHITE STADIUM. PLAN TO MAKE IT A HOME FOR THE NATIONAL WOMEN’S SOCCER LEAGUE TEAM AND PROVIDE AN UPDATED FACILITY FOR STUDENTS. NOW, TAXPAYERS WOULD HAVE TO FOOT HALF THE COST. THE WHOLE COST WOULD BE ABOUT $200 MILLION. RIGHT NOW. TAXPAYERS WOULD PAY $100 MILLION. WHY DO YOU THINK THIS IS WORTH IT? TO THE PEOPLE OF BOSTON? SO I’VE LIVED IN BOSTON ALL MY LIFE, AND I’VE GROWN UP IN DORCHESTER, ROXBURY, AND MATTAPAN. MY GRANDMOTHER LIVES RIGHT DOWN THE STREET, ACTUALLY FROM WHITE STADIUM. SO I’VE GROWN UP TAKING WALKS AROUND WHITE STADIUM LOOKING AT THE CONDITION OF WHITE STADIUM BEING VERY NERVOUS WHEN I’M IN WHITE STADIUM BECAUSE IT IS NOT WHAT IT WAS 40 YEARS AGO. YOU KNOW, AS MAYOR WU HAS SAID TIME AND TIME AGAIN, $200 MILLION IS WORTH INVESTING IN BLACK AND BROWN COMMUNITIES. AND THAT’S WHAT THIS INVESTMENT IS. IT’S GOING TO BE A NEW STATE OF THE ART FACILITY THAT’S ACCESSIBLE TO OUR STUDENTS, OUR YOUNG PEOPLE. IMAGINE A YOUNG PERSON PLAYING FOOTBALL OR SOCCER THAT IS IN A STATE OF THE ART FACILITY. MANY OTHER KIDS DON’T GET TO TO HAVE THAT OPPORTUNITY, SO IT’S A WORTHWHILE INVESTMENT. I I’M SORRY TO INTERRUPT. I WANT TO ASK YOU, JOSH KRAFT IS SAYING THE STADIUM. WELL, IT COULD BE RENOVATED. NO, IT SEEMS LIKE NOBODY’S ARGUING. THE STADIUM NEEDS TO BE RENOVATED. BUT HE SAYS THE STADIUM COULD BE RENOVATED FOR A THIRD OF THE PRICE. THAT, AND HAVE IT JUST BE USED BY STUDENTS ONLY. WELL, I’M GRATEFUL. DOES HE HAVE A POINT? WELL, SO FIRST I WOULD JUST SAY, YOU KNOW, I LIKE JOSH KRAFT. YOU KNOW, I, YOU KNOW, BEFORE THIS ROLE HAD MANY INTERACTIONS WITH HIM. HE’S A VERY GOOD PERSON. BUT I DISAGREE. I ACTUALLY THINK THAT HAVING A PUBLIC PRIVATE PARTNERSHIP IS WHAT IS ALLOWING US TO PROVIDE A STATE OF THE ART FACILITY THAT EVEN A PROFESSIONAL TEAM COULD USE. AND WE KNOW THAT A PROFESSIONAL TEAM COULD USE IT BECAUSE THEY’RE GOING TO BE PLAYING THERE. AND I THINK THAT’S A WAY BETTER INVESTMENT THAN THOSE WHO DECIDED TO LOOK AT WHAT THIS COULD LOOK LIKE AFTER THE FACT. I DIDN’T SEE ANY OF THESE PLANS OR CONVERSATION ABOUT RENOVATION OF THE STADIUM BEFORE THE MAYOR. BUT BUT LOOK AT THE LOOK AT THE BIGGER PICTURE. DOES DOES BOSTON NEED WHITE STADIUM TO HAVE A PROFESSIONAL SOCCER TENANT? AND WHAT, FOUR MILES DOWN THE ROAD IN EVERETT HAVE THE HAVE THE REVOLUTION STADIUM? DOES IT NEED TWO STADIUMS, SOCCER STADIUMS WITHIN THAT SPHERE? WELL, AS AN OFFICIAL, JUST FOR THE CITY OF BOSTON, I WILL SAY THAT YES, OUR KIDS DESERVE A STATE OF THE ART FACILITY. I DIDN’T SAY THE KIDS THOUGH. I SAY, DOES IT NEED TO GO TO THE LEVEL AND AND IN OUR NEIGHBORHOODS? RIGHT. SO GREAT FOR EVERETT. AND YOU KNOW, WE’RE IN CONVERSATION WITH THEIR OFFICIALS AND WITH THE TEAM ABOUT WHAT THAT COULD LOOK LIKE. BUT ABSOLUTELY, OUR COMMUNITIES DESERVE SOMETHING LIKE THIS. VERY GOOD. OUR