"It's homebuilders' last push, and their business and channel partners operate through friction on every front. Scarce, costly capital Slow approvals and entitlement drag Workforce constraints and generational handoffs Climate-driven costs and insurance uncertainty Buyer fear, hesitation, and confusion Margin compression stretching every variable An epic underbuild of new homes to the tune of somewhere between three and five million new ground-up homes, ranging up to a $4 trillion housing deficit weighing on people for the next decade or more."
"It's not a normal market. It's come to this: Owning a home especially a newly built one in too many markets, for too many of America's working households, means owning a luxury good, not for people with area-mean incomes and livelihoods. A fact we know. Modern U.S. housing policy is a product of layered localism, political risk aversion, entrenched homeowner incentives, outdated zoning, fragmented governance, and procedural systems that reward obstruction."
Homebuilders and channel partners confront pervasive friction across capital scarcity, slow approvals, workforce constraints, climate-driven costs, insurance uncertainty, buyer hesitation, and margin compression. The market displays an underbuild of roughly three to five million new ground-up homes, creating as much as a $4 trillion housing deficit that will affect households for a decade or more. Newly built homes have become a luxury in many markets for working households. Localism, political risk aversion, entrenched homeowner incentives, outdated zoning, fragmented governance, and procedures that reward obstruction make producing new housing structurally complex while making stopping it structurally easy.
Read at www.housingwire.com
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