Housing and construction news covering home building, real estate development, construction industry, and housing market trends.
This commentary argues that a new US federal housing law is significant because it addresses the root cause of many societal problems: housing scarcity. It contends that restrictive zoning and building regulations in high-opportunity cities have driven up costs, worsening inequality, fertility decline, and climate change, and that the law represents a step toward fixing this.
Residents displaced by the deadly Wang Fuk Court fire called for merging the Housing Bureau's Independent Checking Units with the Buildings Department, citing regulatory failures and communication problems revealed in a public inquiry. The recommendation was submitted to the probe committee on Saturday.
Housing starts rose 19.0% month-over-month to a seasonally adjusted annual rate of 1.427 million, well above the consensus estimate of 1.320 million. The prior month was revised upward. However, building permits fell 3.0%.
This commentary argues that paying NIMBY residents cash incentives could overcome local opposition to new housing development in the United States. It contends that federal payments to communities that approve new construction would create political support for pro-housing reforms, citing think-tank proposals and survey evidence suggesting this approach might work.
This commentary argues that the Maharashtra government's amendment to the MHADA Act could be a turning point for redeveloping Mumbai's ageing buildings. It explains the legal context, including the Bombay High Court stay and the pending Supreme Court decision, and contends that the amendment clarifies authority to fast-track redevelopment of dangerous buildings.
The Delhi government has selected the ITO area for a new 30-35 floor Secretariat complex with green features, inspired by twin towers in Malaysia and Singapore. PWD Minister Parvesh Sahib Singh said a global tender for an architect and DPR will be floated within a month, followed by approvals. The project will demolish existing buildings to house all government departments.
Single-family housing starts fell 0.2% to 895,000 units annually in June, while permits dropped 2.4%. The 30-year mortgage rate hit an 11-month high of 6.55%, up nearly 60 basis points since the Iran attack, weighing on homebuilding.
California filed lawsuits against Calexico, Costa Mesa, Half Moon Bay, Ridgecrest, and Turlock for failing to adopt state-approved housing plans. Governor Newsom stated 'no city gets a pass,' emphasizing the housing law applies statewide. The five cities collectively failed to plan for approximately 24,000 new homes.
Meritage Homes, LGI Homes, and Champion Homes stocks fell in afternoon trading on Friday after the U.S. Census Bureau reported a 3.0% month-over-month decline in building permits for June. Single-family permits dropped 2.4% from May, and year-over-year permits were down 2.3%.
GACE Consulting Engineers stated that reinforcing steel crucial for supporting a 14-story addition was never installed before two columns collapsed at 235 East 42nd Street in New York City. The developer MetroLoft did not immediately respond. The Department of Buildings investigation is ongoing.