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Report: Regulation Accounts for 32% Of Multifamily Development Costs

Costly government regulations include sometimes lengthy approval processes, development standards that go beyond what would ordinarily be done, changes to building codes over the past decade, and OSHA requirements.

WASHINGTON DC–Government regulation accounts for 32.1% of the cost of an apartment project, according to a joint report by the National Association of Home Builders and the National Multifamily Housing Council. Practically all multifamily developers incur costs when paying fees to local jurisdictions — both when applying for zoning approval, and again when local jurisdictions authorize the construction of buildings. These hard and upfront costs, of course, are not surprising but the report also dug into how government regulations impose costs in other ways.

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Erika Morphy

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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