Traditional banks aren't willing to take on the risks associated with financing small real estate development projects due to the complex and risky nature of construction work.
Small developers struggle to access financing from traditional lenders because they lack the track record and financial resources required to secure loans, creating a barrier to entry in the industry.
Institutionalization of real estate development by large firms can lead to a loss of community identity, charm, and personalized building designs, highlighting the importance of supporting small developers in creating unique and vibrant neighborhoods.
The cost of building affordable housing can be extremely high due to labor, land, materials, and debt, making it unaffordable to produce housing units.
Buying existing housing may be a more cost-effective solution than building from scratch, especially when considering the high costs associated with new construction in major cities.
An emerging trend in the housing sector is for governments and nonprofits to consider purchasing housing rather than solely relying on building new construction, as the current model centered on tax credits may not be sustainable in the long run.
Building codes influence the architecture of cities, leading to big, boxy buildings with uniform designs.
Advocates are pushing for building code reforms to allow single-stair buildings, which are common in European countries with fewer fire deaths per capita than the US.
Recent changes in cities like Seattle, Tennessee, and Austin show a shift towards enabling single-stair buildings as a way to promote gentle density and climate resilience.