From HW Magazine
The case for innovation in housing
For the last 30 years, transaction costs have grown at a faster pace than inflation
In many markets, housing built before 1978 is loaded with environmental issues, code violations and sub-standard amenities. In many cases these homes are truly crumbling and this aged stock has not been properly supplemented post-crisis. We estimate that between 2 and 5 million new homes are missing from the market, due to a lack of development capital and mortgage credit.