Inman Connect
Housing markets across the U.S. are booming with high demand and low inventory, and it’s sent land prices into a frenzy.
Land is a hot commodity right now, as the lack of homes for sale continues to push affordable housing out of reach for many first-time homebuyers and low-wage workers.
According to a report by the National Association of Realtors (NAR), the U.S. fell short of an estimated 5.5 million new units from 2001 to 2020 compared to 1968 to 2000. When the housing boom cemented last year, supply began severely underserving demand.
“When housing demand really accelerated in May, June and July of last year with historically low interest rates, the industry couldn’t simply turn on a dime and suddenly build 30 percent more than they were a quarter, or a year ago,” Robert Dietz, a chief economist at the National Association of Home Builders, told Inman.
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Syracuse is about to get a massive injection of cash; How does Ben Walsh want to spend it?
Updated Mar 09, 2021;
Posted Mar 09, 2021
Syracuse City Mayor Ben Walsh delivers his 2021 State of the City address at the Salt City Market, Syracuse, N.Y., Thursday Jan. 21, 2021. Scott Schild | sschild@syracuse.comScott Schild | sschild@syracuse.
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Syracuse, N.Y. The city of Syracuse is poised to receive $126 million in Covid-19 relief from the federal government, one of the biggest infusions of cash in city history.
The money, however, comes after a year that punished the city’s bottom line. Mayor Ben Walsh had to slash $18 million in spending last year and expects to dip heavily into the city’s rainy day fund to deal with mounting losses from the pandemic.
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