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Whether it’s in the for-sale or rental market, the affordable housing crisis is only getting worse. There is simply not enough supply, especially in the apartment market, where developers have said it’s just too expensive to put up quality, low-income housing.
They cite rising costs for land, materials and labor, as well as increasingly restrictive zoning regulations. So-called NIMBYism (an acronym for “not in my backyard”), is also on the rise, with residents fighting affordable housing in their neighborhoods, where home values have soared in the past five years.
“This is a tough time, I think. All of real estate is being challenged by higher interest rates and by higher construction costs, and, by the way, the building department requirements and all the frictions that are making real estate difficult,” said Jonathan Rose, founder and CEO of the Jonathan Rose Companies, a real estate planning, development and investment firm.
