Affordable housing is suffering from the effects of the economy and high construction costs, according to developers from across the East Coast, who discussed the development landscape at the GlobeSt. SPRING MULTIFAMILY Conference in Hollywood, Florida.
Some of the biggest challenges for developers are supply chain shortfalls and costs of labor.
With inflation off the charts, Rodrigo Paredes, senior vice president of development at Housing Trust Group in Miami, said some developers are stuck figuring out new ways to fulfill demand while also navigating supply chain delays. Some, he said, have even considered not buying lumber until costs go down. And in many areas – Florida included – Parades said developments are hiring out-of-state workers, such as electricians, which can drive up costs due to housing them.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Melea VanOstrand
Melea VanOstrand oversees the Daily Business Review as ALM's Florida Bureau Chief. Email Melea at [email protected] or follow her on her Twitter or Facebook pages.
