Reducing the cost of housing has been a top priority for the city. But what power does local government have to do that? Two reports find reducing the cost of fees and building regulations is crucial.
The researchers who wrote the report note that building more multifamily housing throughout the city, but especially in areas where it has historically been restricted, plays an important role in achieving housing goals laid out in the city's 2017.
The fact that land and construction represent the largest cost drivers in development is unsurprising and unlikely to change in the near future, so long as Austin remains a desirable place to live and the price of labor and materials needed for construction continue to rise. These factors are largely beyond the control of local government.
"These results highlight both the importan[ce] of multifamily housing and the precarity of the multifamily development process," the authors of the first report write. And because the overall costs of producing multifamily housing are so high, and because they are mostly tied to less mutable land and construction costs,"small additional costs can greatly impact the feasibility of a housing development," the researchers write.
“These results highlight both the importance of multifamily housing and the precarity of the multifamily development process.” But developers we talked to questioned the accuracy of construction cost estimates the researchers used to generate their cost figures, which estimate the cost per square foot is $111.17 for SF developments and $179.72 for midsized multifamily developments .
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