Developers Sit on Empty Lots After Historic Apartment Boom
June 04, 2024 by The article cites data regarding the impact of increased construction and financing costs on housing development, as well as increased risk of equity investors withdrawing mid development. Several smaller US cities, like Boise and Worcester, saw a development boom following the pandemic, but are now facing stalled development. The article highlights that the amount of time the average apartment project spends between construction authorization and when construction begins has risen to nearly 500 days, a 45% increase from 2019, according to property data firm Yardi Matrix. There is also mention of a developer who plans to complete a paused multifamily project by converting part of it into affordable housing.