According to a new report out of the National Multifamily Housing Council (NMHC),
57% of multifamily developers have reported delays in their projects recently. Of those who reported delays in June, 83% said the cause was “permitting due to COVID-19.”
Certainly not great news, but those stats are “virtually unchanged” from April and May.
Two other reasons for the delays were a shortage of building materials and the higher prices of those materials.
But the mood among these developers was cautiously optimistic. A majority of respondents said they believe the delayed starts will last less than six months. Plus, only 2% of respondents said that their projects were totally canceled because of the pandemic.
Read on HERE
Mr. Willig engages and coordinates a professional team of real estate brokers, general contractors, leasing agents, and property managers in order to rehabilitate, lease and maintain the properties he acquires for SpringView Investments. He has over 20 years of finance and accounting experience.