RESEARCHERS SAY EASING RISK FOR DEVELOPERS COULD SPUR AFFORDABLE CONDOS
Posted by Diego Vitelli on
Removing barriers to condo development could spur the creation of condominiums that are affordable to families earning the median household income and help ease the housing shortage, according to a new study funded by interest on Realtors' escrow accounts.
The 22-page report, "Incentivizing Condominium Development in Washington State: A Market and Legal Analysis," was released late last month by the University of Washington's Runstad Center for Real Estate Studies. Researchers concluded the lack of affordable condos in the Seattle area is due to a combination of real estate, insurance and market forces, as well as geography, land use regulation and state legislation.
Peter Orser, Runstad Center director, said that if built in sufficient numbers and…
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