It's fashionable to talk about smart-growth strategies, he says. But builders face obstructions at all levels, everything from multiple-species conservation plans to neighbors phobic about higher densities and the mistaken notion that new apartments are crime-attracting eyesores.

Pantagopoulos, speaking on the last day of the National Association of Home Builders' Multifamily Trends Conference at the Hotel del Coronado, says government and business must solve the problem or continue to "face a Grand Canyon-sized gap between demand and supply."

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