The ongoing problems of scarcity and high cost of land and materials is making it difficult to go forward with certain projects, particularly affordable housing projects, according to a report last week from the National Association of Homebuilders (NAHB).
Continued high levels of multifamily development declined significantly in the third quarter, as did the prospects for continued high occupancy rates, according to the report.
Sean Kelly, executive vice president of LNWA in Wilmington, Del., and chairman of NAHB's Multifamily Council, said in prepared remarks that although demand for multifamily housing remains strong in many parts of the country, "some multifamily developers are starting to see signs of a slowdown."
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