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
| Apr 5, 2013
Builders Hardware Manuf. Assn. revises three standards for hinges, locks, and latches
The Builders Hardware Manufacturers Association (BHMA) released three new revisions to the ANSI/BHMA standardsfor hinges, interconnected locks, and sliding and folding hardware.
| Apr 5, 2013
New items to ASHRAE/IES energy standard open for public comment
The 2013 version of the ANSI/ASHRAE/IES Standard 90.1-2010, Energy Standard for Buildings Except Low-Rise Residential Buildings, is scheduled for publication later this year, and 26 proposed addenda are open for public comment.
| Apr 5, 2013
No evidence that mandatory building energy labeling improves efficiency, study says
The Building Owners and Managers Association (BOMA) International and the Greater Boston Real Estate Board (GBREB) released a report, “An Economic Perspective on Building Labeling Policies,” that questions the efficacy of mandatory building energy labeling.
| Mar 27, 2013
Practical application of Legionella prevention standards the focus of ASHRAE project
An American Society of Heating, Refrigerating and Air-Conditioning Engineers committee drafting tough new standards to prevent the waterborne bacteria Legionella is focused on how to apply the standards in the real world.
| Mar 27, 2013
Open discussion of regulations on tap at AGC’s 2013 Federal Contractors Conference
The AGC Federal Contractors Conference provides a venue for contractors and federal agency personnel to meet in a collaborative forum to review federal construction contracting issues from around the United States.
| Mar 27, 2013
New BACnet standard offers significant improvements to alarm handling
Changes to the newly published BACnet standard from ASHRAE will encourage smart building automation controls systems including alarms.
| Mar 27, 2013
CEIR releases tool that measures energy, environmental benefits of roof systems
The Center for Environmental Innovation in Roofing (CEIR) released its new RoofPoint Energy and Carbon Calculator that is designed to help roofing professionals measure the energy and environmental benefits of modern roof system technologies.
| Mar 27, 2013
Sustainable wood controversy leads to LEED ‘backlash bill’ in Florida House
A Florida House bill that says state agencies should decide on a project-by-project basis which green certification standards are used on state construction passed a subcommittee vote 12-1.
| Mar 19, 2013
Colorado Zero Energy District project shows how businesses can reach zero-energy standard
An ambitious experiment in Fort Collins, Colo., is supporting development of the nation’s first major urban zero-energy district.
| Mar 19, 2013
New LEED for Neighborhood Development and Historic Preservation guide released
A new guidance manual, LEED for Neighborhood Development and Historic Preservation, outlines strategies geared towards helping building teams incorporate historic resources into their developments.