The Drum Major Institute's Marketplace of Ideas event this morning featured Boston Mayor Thomas Menino and his reforms to turn vacant buildings into affordable housing. Menino, who is now serving his fourth mayoral term, has reformed Boston's housing market in some pretty amazing ways. During the past decade, abandoned residential properties declined 77% as abandoned buildings were turned into viable housing.

The panel discussion featured Manhattan Borough President Scott Stringer, Pratt Community Development Center Director Brad Lander, and Executive Director of the Parodneck Foundation Carlton Collier. DMI Executive Director Andrea Batista Schlesinger moderated the panel.

Cross posted from the DMI blog.

In 1999, Boston had a housing crisis. The waiting list for public housing units had 15,000 people on it, and rent prices had gone up 47% in the past four years. More than 50,000 Bostonians were spending more than half of their income on housing, and the number of homeless people in Boston was at a record high.

But just four years later, the statistics told a different story. Almost 8,000 new housing units had been created, and 1,000 housing units were made accessible to the homeless. The new units represented about $2 billion in public and private housing investment. The number of abandoned buildings in Boston dropped by 66% -- from 1,044 in 1997 to only 350 in 2005, and by the end of 2003, 1,079 vacant public housing units had been renovated. Suddenly, housing in Boston was on its way to becoming available and affordable.