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
| Jan 31, 2013
Proposed ASHRAE legionellosis prevention standard open for third public comment
Changes to a proposed ASHRAE legionellosis prevention standard associated with building water systems are open for public comment.
| Jan 31, 2013
More severe wind storms should prompt nationwide reexamination of building codes, says insurance expert
The increased number and severity of storms with high winds nationally should prompt a reexamination of building codes in every community, says Mory Katz, vice president, Verisk Insurance Solutions Commercial Property, Jersey City, N.J.
| Jan 31, 2013
California Building Standards Commission adopts 2013 code update
The California Building Standards Commission adopted the new 2013 state standards code that includes new energy code provisions, accessibility standards, green building and water use modifications.
| Jan 25, 2013
D.C. authority wants to halt sewer tunnel projects while investigating green stormwater alternatives
The District of Columbia Water and Sewer Authority has proposed suspending a tunnel-building project.
| Jan 25, 2013
Energy modeling needed to overcome ‘plug load problem’ to meet high green standards
Plug loads illustrate how much end-users impact overall building energy use.
| Jan 25, 2013
ASHRAE publishes revised filtration standard, combines Standard 52.1 and 52.2
A newly revised filtration standard from ASHRAE combines two standards aimed at improving the technical accuracy of filter testing.
| Jan 25, 2013
AISC 206-13 standard for structural steel erectors available for review
AISC 206-13, a quality management system standard for structural steel erectors, is now available for public review.
| Jan 25, 2013
Builders Hardware Manufacturers Assn. revises five ANSI hardware standards
The Builders Hardware Manufacturers Association (BHMA) has released five revisions to ANSI/BHMA standards recently been approved by ANSI (American National Standards Institute).
| Jan 16, 2013
Pentagon plans huge spending cuts, including construction funds, amid budget deadlock fears
Defense Secretary Leon Panetta has ordered cuts to military spending as a precaution in case the White House and Congress fail to agree to avert $52 billion in cuts to the Pentagon budget this year.
| Jan 16, 2013
GSA's Green Proving Ground program pushes energy efficiency
The General Services Administration, which manages a portfolio of almost 10,000 buildings, is using the Green Proving Ground program to test technological advances in energy efficiency.
