Cities must reform their construction requirements.
In no enterprise is the well-worn adage that time is money truer than in homebuilding. Developers and builders often pay millions of dollars upfront to start projects that may not reach fruition for years. In the interim, they sacrifice their own wealth and pay ever-increasing interest to banks. In today’s environment of high inflation and high-interest rates, minor delays on projects can be fatal.
Although Texas’ low housing costs have been one of its most important strengths, bureaucratic delays are hampering building and pushing prices out of the range of ordinary renters and buyers. To restore Texas’ housing advantage, its cities must reform their rigid permitting practices.
Judge Glock is the director of research and a senior fellow at the Manhattan Institute and a contributing editor at City Journal.
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