The share of permits for multifamily residences has steadily risen from 21 percent in 1991 to 41 percent in 2015. Andrew Weinreich, a contributor to Forbes, writes that the increased need for multifamily housing presents an opportunity for developers.
A few companies in New York City are offering modular homes, which are units that are built in a factory and shipped in-tact to the job site, where they are stacked and assembled.
Forest City Ratner, led by real estate developer Bruce Ratner, has made a considerable effort to get into modular housing. The company bought 21 acres of land in Brooklyn and has plans for 6,430 apartments.
Advertisement
Related Stories
Innovation
IKEA Model Home Aims to Ease the Trauma of Homelessness
Blending innovation with empathy and eco-conscious design, IKEA US unveils a pioneering model home in its Live Oak, Texas, store
Off-Site Construction
Utah Passes Bill to Regulate Modular Construction at the State Level
Goals for housing innovation and affordability meet in Utah's passage of a new bill that establishes a statewide modular construction program
Awards
Ivory Innovations Announces 25 Finalists for the 2024 Ivory Prize
The finalists for the prize demonstrate innovative, scalable solutions for advancing housing affordability