A sharp increase in the housing supply gap is projected to worsen the affordability crisis, particularly for the disadvantaged, over the next year.
The gap will reach 4.5 million units in 2022, up from 2.5 million in 2018, according to a CoreLogic Public Policy Executive. This will be a crisis for those who earn less than half of what their neighbors do.
This cohort will face a shortage of 2.6 million units next year. People who earn more than what their neighbors earn will not be spared either, facing a gap of about 650,000 units in 2022.
Multiple factors are hampering development of more multifamily units. These include a rapid increase in material costs, such as a 150% spike in lumber prices in 2021. The necessity for multiple funding sources, adding complexity to deals, is another key factor.
Developers complain that the multiple financing sources needed for each project have deadlines that aren’t aligned. This results in longer timelines that add costs.
Related Stories
| Dec 18, 2013
ASHRAE publishes 2013 thermal comfort standard
Major revisions for design and measurement of comfortable spaces are included in a newly published ASHRAE 2013 thermal comfort standard.
| Dec 11, 2013
Texas to require architects to be fingerprinted to get licensed
Starting January 1, 2014, architects who apply for an occupational license in Texas will have to share their fingerprints with the state.
| Dec 11, 2013
Province of Ontario is reviewing bill to require timely payments to contractors
Legislation is under review in the Province of Ontario that would mandate timely payments to contractors.
| Dec 11, 2013
Federal design-build proposal could make it easier for small businesses to land government contracts
The Design-Build Efficiency and Jobs Act, a bill pending in the U.S. House of Representatives, would streamline the bid and proposal process by requiring government agencies to use a two-step process when seeking design-build contracts for projects worth more than $750,000.
| Dec 11, 2013
NIST recommends tougher standards for tornado resilience
Buildings in tornado-prone areas should be constructed to withstand strong winds just as hurricanes are factored into building codes in coastal areas, says a federal report examining the 2011 killer tornado in Joplin, Mo.
| Dec 10, 2013
Whistleblowers can now file complaints online with OSHA
Whistleblowers covered by one of 22 statutes administered by the Occupational Safety and Health Administration (OSHA) now will be able to file complaints online.
| Dec 4, 2013
Five U.S. cities leading on climate change initiatives
Houston, Salt Lake City, Miami, New York, and Los Angeles are five cities that are leading the way on preparing for climate change and extreme weather, according to a Center for American Progress report.
| Dec 4, 2013
Philadelphia City Council mulling bill requiring ID cards for construction workers
The Philadelphia City Council has held a series of hearings on a bill aimed at boosting the city's safety regulations in the wake of a deadly building collapse earlier this year.
| Dec 4, 2013
Changes completed on 2015 IECC provisions
The 2015 International Energy Conservation Code (IECC)—the code that serves as the model for states’ codes—has undergone final changes.
| Dec 4, 2013
Design-build makes gains along with more authorizing legislation
In 2009, more legislation authorizing design-build project delivery passed than in any year in Design Build Institute of America’s history.
