Press ReleaseThe 2008 housing crisis led to today’s tight inventory, exacerbated by high rates, regulations, and more first-time buyers. Peter L. Curry shared his insights with US News & World Report on the challenges and opportunities ahead.
While the increased number of new home starts is encouraging, the process for approving housing projects can vary significantly across the country, according to Peter Curry, partner at law firm Farrell Fritz in Uniondale, New York.
New construction lead time is typically 18 months nationwide, Curry says, but in some areas – such as parts of New York – it could be up to three years. Even in areas with streamlined approval processes, it can take six to 12 months to get a project off the ground.
Compounding the problem are zoning regulations that may require large lots or setbacks that result in more expensive homes.
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Understanding Housing Inventory and What It Means for You | Real Estate | U.S. News (usnews.com)
