Tick Tick Boom: Could Mega-Sites Bring on a Housing Crisis?
Let's be clear, the projects like Toyota and Boom Supersonic entering the Triad are fantastic news for the growth and development of this area. However, the impact of these projects could mean additional housing worries in a market already facing a severe shortage.
A recent article in Triad Business Journal outlines the housing issues to consider as the Piedmont Triad braces for a potential influx of thousands of residents to the area - those employed by Toyota and Boom as well as new jobs in sectors that supply goods and services to the two facilities.
In the article, Jon Lowder points out the various barriers to builders who would like to ramp up construction. These include supply chain issues, workforce issues, rising interest rates, permitting issues and water-sewer problems - and of course the ever-present shortages in the workforce.
What is the effect on multifamily? In short, Jon Jowder explains, buyers who are priced out of ownership of single-family homes are driving demand - and rental prices - for apartments.
Read the full article HERE