DOTR
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- Oct 24, 2016
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Major apartment developer: 'There is an acute crisis headed our way'
The luxury market is largely overbuilt, while there is a shortage of affordable rental housing.
In fact, multifamily construction is now at a 40-year high; the trouble is, developers are putting up the wrong kinds of buildings. The luxury market is largely overbuilt, while there is a shortage of affordable rental housing, and developers are hamstrung by the now record-high cost of construction.
Translation: "im going to make a fortune from building for the rich and another fortune from campaigning for the government to pay me to build "affordable housing":