We’re Number One!
The Bay Area is the most expensive region in the country in which to build commercial structures, trailing only Tokyo and Honk Kong globally. By extension, these high costs mean it is more difficult to construct moderately priced apartment complexes and subsidized housing in the Bay Area. Higher prices for materials and labor have driven costs up 20 percent since the pandemic hit.
Often overlooked, the pandemic also brought revised work schedules, tightened safety standards and slowdowns in many local government approvals and inspections.
Finally, the global supply chain has been adversely affected by everything from COVID-19 to the Suez Canal blockage.