Experts and developers say a turbulent economy is creating even more challenges for a region that’s long struggled to build enough homes.
after the developer asked the city to approve the addition of about 3,000 more homes to offset growing costs.
On top of that, financing projects has become more expensive as rates for construction loans also have jumped to around 6%. Neighbor said that’s adding roughly $20,000 to the per-unit cost of large multimillion-dollar developments – a seemingly small amount that can still make all the difference. The cost of lumber, which has been especially volatile during the pandemic, recently returned to pre-COVID levels. Prices averaged around $377 per thousand board feet this month, down from a peak of $1,495 in May 2021.local layoffs by tech companies
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