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The town of Newton, Massachusetts is working to comply with a new state law that requires the construction of new multifamily housing units in areas served by public transit, according to reporting from the Boston Globe. Some apartments have been constructed in recent years, but the construction level has been low.
As localities across the country wrestle with housing shortages, one Massachusetts town will make its case to a panel of judges next week to argue against a plan that requires the construction of more multifamily units, according to reporting by USA Today and state records reviewed by HousingWire.
More renters are setting their sights on this New York City borough, which offers a robust public transportation system for an easy commute to work or school, and more affordable options compared to nearby Manhattan and Brooklyn. Washington, D.C. Washington, D.C. Despite the 23% drop in favorited apartments in Washington, D.C.,
This proposed NYC "pied-a-terre" tax law has a name that infers it concerns " pied-a-terres " when in fact that property type is but one part of the property types that are impacted. which seems in direct conflict with state law since co-ops and condos are valued as rentals by state law in NYC. click to expand].
Everything from the number of bedrooms to the quality of the construction. This is because construction rules frequently require at least a 7-foot ceiling height for spaces to be considered usable and livable. A small, independent living area constructed on the same property as a single-family home is referred to as an accessory unit.
Everything from the number of bedrooms to the quality of the construction. This is because construction rules frequently require at least a 7-foot ceiling height for spaces to be considered usable and livable. A small, independent living area constructed on the same property as a single-family home is referred to as an accessory unit.
On construction or excavation sites with heavy machinery that can obstruct hearing or visuals, you may have more lone workers than you originally thought. For transportation teams, every time an employee is out of cell phone or radio range, they too qualify as a lone worker.
Legislative or regulatory risk refers to any change in regulations or law that can impact real estate owners or tenants. Even if changes to laws and regulations do not directly impact real estate, they may indirectly impact property investment through financing or business cash flows. Construction Risk. Location Risk.
An Inside Look at E&O By Peter Christensen Excerpts: There is no law requiring that real estate appraisers must have professional liability insurance – or E&O insurance as it is often called – except in one state. His law practice is dedicated to valuation issues. I gave up visiting him in the winter. Nationwide, 31.8%
The GMA mandates that local policies also guide decisions on transportation, capital facilities and the natural environment. The region’s housing supply crisis is worsening, prices continue to rise disproportionately on consumer goods and services, and avenues to improve new construction are hindered by governmental and economic obstacles.
This is commonly known as the law of diminishing returns. In some neighborhoods, older homes may be highly sought after, while in others, newer constructions may be more desirable. Buyers are frequently drawn to specific neighborhoods for reasons such as safety, walkability, or access to public transportation.
The sight of beautiful houses in Los Angeles transports you to an idyllic version of the city found in classic Hollywood movies. And landlords are already smelling an opportunity to raise list prices, despite laws designed to prevent that. And the wildfires ripping through Los Angeles could make its housing affordability crisis worse.
And when it comes to choosing whether to purchase an existing home or opt for new construction, there's a lot more to factor in than the curb appeal or how it would look dressed up in Christmas lights. The Pros of Buying a Newly Constructed Home. The Cons of Newly Constructed Homes. Lasting construction. Let's explore.
Planes, Trains, Automobiles, and More: Transportation links are essential for any industrial space or commercial properties for lease. new construction pipeline of nearby buildings. Lastly, perform a parking lot check and note the parking ratios of employees’ spots as well as their proximity to other forms of transportation.
Tiny houses on wheels (THOW) operate like a trailer and allow easy transportation and setup almost anywhere with the right access points. THOWs also come with many additional financial considerations, like parking fees, water bills, electricity costs and transportation costs. Construction Loans.
It would include an exception for new construction and substantial renovation or rehabilitation. The Biden Administration believes that a combination of both anti-price gouging policies and the construction of more affordable housing can effectively balance the needs of tenants. BLM is considering an additional 562.5
Such initiatives include changing certain zoning laws, financing more affordable and energy-efficient housing units and funding research on the topic of commercial-to-residential conversions. Department of Transportation , aimed more squarely at existing zoning law. In this week’s series of initial announcements, the U.S.
Now, home builders would need to construct as many as 1.2 This was the fastest pace for combined single-family and multi-family construction since June 2006. >> NAHB reported an estimated 15% of all new-construction home sales in the U.S. That’s 52% higher than 2018, when Freddie first began looking at housing shortages.
As with distressed homeowners, you’ll need to be adept at showing genuine empathy while wielding your expert knowledge of probate laws. Features like walkability and easy access to public transportation are considerations for many clients these days. Related article 9 savvy strategies to get more real estate referrals 11.
As they loosen regulations on the addition of accessory dwelling units (aka mother-in-laws), so too are municipalities dropping requirements for off-street parking within walking distance of a transit hub. First, even though construction is starting to catch up, we have a huge 5.8 For buyers, they can only hope. BY THE NUMBERS. >>
A significant indirect influence comes with the infrastructure bill signed into law in November 2021. Construction has failed to keep up with the demand of households, especially with the increase during the COVID-19 pandemic. The good news is that a recently passed law may indirectly change the real estate market for the better.
The pending law is on the governor’s desk awaiting his signature. Whether it was cutting red tape and construction costs or ensuring our cities allow more affordable options near transit and jobs, these bills, working together, mean more homes, at more affordable prices, in communities all across our state.”
Most zoning laws grant units up to 1000 sq. Also known as a mother-in-law or cottage, the dwellings can offer viable housing to younger buyers seeking to save for their first home or enable seniors to age within a familiar neighborhood. Looking for a sweet deal on a new-construction condo? Click here for the full monthly report.
Two recent laws in Washington reduce or eliminate the need for parking if the properties are in proximity to a transit hub. Interestingly, dozens of state Legislatures reviewed similar proposals this year to reduce parking requirements for residential projects but very few became law. San Jose, Calif., came in second. >>
Laws added to the state books this year will certainly go a long way to boost density, particularly near transit hubs, as well as the removal of obstacles toward building accessory dwelling units on nearly any single-family-zoned home. could potentially generate thousands of homes in areas already served by public transportation.
In calling for rezoning laws to accommodate this concept, Gladney identified five keys that communities should keep in mind when designing their 15-minute neighborhood: Think in terms of mixed-use development, such as a blend of housing, commercial usage and small-scale manufacturing. Promote racial and income equity.
The 3-month, 2023 session was deemed the Year of Housing, with 23 pieces of relevant legislation becoming law. This so-called transition land is unsuitable for logging or other uses that generate state revenue and will be handed to developers who agree to construct homes for households with incomes at or below 80% of the median family level.
home sales slumped for the second straight year, averaging 3.96M units transacted (excluding new construction) on a 12-month basis through October, up 2.9% This should broaden the number and type of homes, particularly within walking distance of public transportation hubs. from the shallow 3.85M sold over the same period last year.
Specifically, the plan calls for the construction and rehabilitation of over 500,000 homes in low- and middle-income areas. Biden is also calling on Congress to eliminate exclusionary zoning laws, which he says inflates housing and construction costs – an issue that has crippled homebuilders across the country for more than a year.
President turned his focus toward regulatory requirements that account for 25% of the cost of constructing a new home. Curbing Construction Costs According to an analysis by Associated Builders and Contractors , construction input prices ticked up 0.3% Capitol, the 47 th U.S.
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