There are several pressing issues affecting the homebuilding industry right now, from labor force to the cost to build, and material shortages. The next president will have a large impact on the housing market and its future, says National Mortgage News. But regardless of who takes office next, the industry is expected to continue on strong. There are five key issues that will have a direct effect from the upcoming president: the cost to build, federal policy changes, procedural roadblocks, material costs, and the immigrant workforce. So what would each nominee do for these issues? Read more to find out.
Current labor and lumber scarcities also squeeze builders' profit margins, de-incentivizing them from building anything but the priciest kinds of residence.
"A lot of the stuff being built is high-end because those are the only projects that are affordable, given the cost of building in most congested areas," Turmail said in an interview. "To do more construction, especially more affordable construction, we ought to look at why it cost so much to build housing in the first place and look at ways to make it a more affordable proposition."
Affordable housing developers and community leaders often cite governmental policy as a potential means of encouraging construction where it’s needed. With the upcoming election set to determine the policies shaping housing's near future, below we tease out how the candidates could impact the key roadblocks to a building boom in the U.S.