Why Are Developers Building Luxury Condos in Cities Facing an Affordable Housing Crisis?
Pro Builder
JUNE 1, 2023
For instance, an empty piece of land in San Jose can cost up to $500,000. A new building would need to sell for more than $1 million in order for the developer to break even after factoring in the price of construction labor, building supplies, and obtaining permits. In pricey coastal markets, residential land is expensive.
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