Implicit in Tim Logan’s article “Boston homeownership keeps sliding’’ (Business, Jan. 29) is the fact that the percentage of homeownership is declining because of the plethora of rental apartments being built. Investors, awash in money, are seeking income-producing investments while the stock market falters.

Banks require hefty down payments that make home purchases unaffordable for cash-strapped millennials with student loans and only marginally increased earnings. Current rents, at today’s low interest rates, could sustain a mortgage of more than $400,000 and tax payment on a residence, if one were available.

What’s more, in the past, homeownership would rebound when people accumulated down payments and apartments were converted into condominiums. But most of the new rental apartments are small, with no private open space, making them unsuitable for the couples and families that millennials hope to become. Boston is long overdue for a serious revision of the type of housing being built.

Sheila Grove

Boston

The writer is a founder and former executive director of Washington Gateway Main Street, a community organization serving the South End and Lower Roxbury neighborhoods.