Houston will not be rebuilt in a day.
Jonathan Spader, a Senior Research Associate at the Harvard Joint Center for Housing Studies, writes that the rebuilding process after Hurricane Harvey will be long and extensive, especially for rental properties.
He cited Hurricane Katrina as an example. Katrina hit New Orleans in 2005, and even in 2010, 17 percent of hurricane-damaged properties in Louisiana and Mississippi showed substantial repair needs. Half of those properties were considered uninhabitable. Only 70 percent of hurricane-damaged properties had been rebuilt within five years of the storm.
Rental properties will take even longer to rebuild. Compared to homeowners, landlords are less motivated to make repairs after a storm, especially if landlords have their own homes to deal with.
Advertisement
Related Stories
Labor + Trade Relations
Residential Building Wages Rise Again in March
Wage growth for residential building workers continued during March, but at a slower pace than during the previous month
Economics
Housing Share of GDP in Q1 2024 Rises Above 16%
The increase marks the first time GDP has surpassed 16% since 2022
Economics
Shelter Costs Drive Inflation Higher Than Expected in January
January Consumer Price Index data show inflation increased more than anticipated as shelter costs continue to rise despite Federal Reserve policy tightening
