The surprising barrier that keeps us from building the housing we need
Sure, there's too much red tape, but there is another reason building anything is so expensive: the construction industry's "awful" productivity.
Ahead of abortion access, ahead of immigration, and way ahead of climate change, US voters under 30 are most concerned about one issue: housing affordability. And it’s not just young voters who are identifying soaring rents and eye-watering home sale prices as among their top worries. For the first time in recent memory, the cost of housing could be a major factor in the presidential election.
It’s not hard to see why. From the beginning of the pandemic to early 2024, US home prices rose by 47%. In large swaths of the country, buying a home is no longer a possibility even for those with middle-class incomes. For many, that marks the end of an American dream built around owning a house. Over the same time, rents have gone up 26%.
Artificial intelligence could put us on the path to a booming economic future, but getting there will take some serious course corrections.
