The Denver metro area has struggled with housing shortages for over a decade. Despite high demand, construction and development costs make it difficult to build enough housing, particularly in the …
The Denver metro area has struggled with housing shortages for over a decade. Despite high demand, construction and development costs make it difficult to build enough housing, particularly in the city’s core.“Denver is an exciting place. Many people want to be here,” said Marty Roth with CBRE.
While metro area governments work to streamline their process and create more supply, barriers include expensive land, high interest rates, and labor and material costs. “We’re more than 100,000 houses short in the metro market,” said Mike Kboudi with Cushman & Wakefield. “To improve attainability and affordability, we need to create more supply, but it’s difficult to find places to build quickly.”Ryan Severino, chief economist and head of U.S. research for BentallGreenOak, said cities like Denver must develop more public-private partnerships and improve incentives to build more housing in the core city.
“People want to live in cities, and we need to make it easier to live in cities so they don’t have to be shunted to the suburbs,” he said. “Economically, there’s no good reason for long commutes.”“It’s better outside the U.S. where they don’t have the abundance of space we have,” Severino said. “They build vertically to use the space better. There are some good lessons to be learned from other countries and economies.
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