Quote:
Originally Posted by bizaro86
Finally, to the extent developers are capital-constrained (and many/most are, imo) the longer they have their borrowing capacity tied up in a project the longer it takes for them to be able to start the next project.
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This is a major factor. Most of the developers on the R-CG side are mom and pops, maybe doing 2-5 projects per year. For each project, they're having to put down personal guarantees for the entire construction loan. So they're severely capital constrained.
Faster permitting times will drive faster development times, which allows them to turnover projects quicker and deliver more townhomes faster and cheaper.