Goodbye Parking, Hello Housing
By Clay Grubb, Grubb Properties
Rethinking transportation needs due to demographic changes and environmental concerns can alleviate housing pressures, reduce developer costs and provide tenants with a better quality of life. It’s no secret that the US has a severe housing supply problem.
According to Fannie Mae, the country is approximately 3.8 million homes behind where it needs to be to fulfill current and future demand. The reasons behind that shortage are many and varied, with most pointing to a drastic slowdown in construction following the Global Financial Crisis of 2008 and population growth among the millennials and Gen Z.
More recently, supply-chain disruptions caused by the Covid-19 pandemic and accompanying raw material price hikes dampened new housing starts.
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