Attractive Options Fill the Affordable Housing Void
April 30, 2019
By: Barbara Ballinger
A growing cadre of real estate professionals are delivering quality, low-cost properties to an underserved market. Their products are quickly being purchased, rented, and even waitlisted.
“Since the housing industry began to recover from the Great Recession, most developers, builders, and architects have focused on market-rate and luxury properties. These segments helped them reap healthy profits by charging what a market would bear. Now, many regions have peaked and are starting to see increasing inventory, softening prices, and squeezing profits due to higher costs for land, labor, materials, and government compliance fees. But at the opposite end of the spectrum, affordable and workforce housing sales have climbed, and more industry professionals are noticing the huge lack of inventory and the pent-up demand…
The hope is that the affordable housing momentum that’s growing across the country—along with local building incentives—will spur more real estate professionals to take on the challenge, says attorney Jeffrey G. Frank with the law firm Buchalter in Seattle.”
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