New housing construction lags in San Diego County

first_img March 7, 2019 Categories: Local San Diego News FacebookTwitter Sasha Foo 00:00 00:00 spaceplay / pause qunload | stop ffullscreenshift + ←→slower / faster ↑↓volume mmute ←→seek  . seek to previous 12… 6 seek to 10%, 20% … 60% XColor SettingsAaAaAaAaTextBackgroundOpacity SettingsTextOpaqueSemi-TransparentBackgroundSemi-TransparentOpaqueTransparentFont SettingsSize||TypeSerif MonospaceSerifSans Serif MonospaceSans SerifCasualCursiveSmallCapsResetSave SettingsSAN DIEGO (KUSI) – New figures released by a real estate research group show that the number of new homes built in San Diego County remained flat, at fewer than 10,000 units.According to the Real Estate Research Council of Southern California, 9,579 homes were built in 2018, declining by one unit from the year before.The trend is not surprising to Matthew Adams with the Building Industry Association of San Diego County.Adams said to keep pace with the region’s long term housing needs, we need to be building anywhere from 15-19,000 new units annually. Currently, the county is adding less than half of that. Adams blamed too many costly regulations for slowing construction.“We have to cut the time it takes to go from concept to construction of housing. Right now, it takes years and if we’re going to get serious about it, we have to reduce it to months,” Adams said.He added that new environmental laws and regulations, such as a state requirement for solar panels are factors in pushing up the costs of construction.While the county continues to lag in the production of new housing, real estate economist Gary London predicted the next year or two will be even worse. London cited more expensive building materials, a shortage of construction labor and a possible rise in interest rates as some of the reasons that housing construction may continue to decline.He said communities and policy makers also need to look at growth differently. Without the addition of new housing, London said the region’s economy will suffer.“What I tell policy makers is ‘we don’t really have a housing crisis, we have a prospective economic crisis.’ We can’t grow our economy if we can’t build housing for the people that are employed in the jobs that we want to either sustain or grow in this region,” London said. New housing construction lags in San Diego County Posted: March 7, 2019 Sasha Foo, last_img

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