AdvertisementUS home prices and rents have soared in part because of a shortage of housing.
These are the cost of land, a shortage of construction workers, regulations, and NIMBYism.
The US is suffering from a deep shortage of homes, and it's driving sky-high home prices and rents.
Advertisement"We just hear more and more that it's harder to find affordable pieces of land to develop for housing," Tobin said.
Fewer construction workers means less — and slower — residential construction and higher wages for workers, which in turn leads to higher home prices.
Persons:
Jim Tobin, Tobin, —, ANDREW CABALLERO, REYNOLDS, NIMBY, Donald Trump
Organizations:
National Association of Home Builders, Trump
Locations:
Los Angeles, Seattle, Chicago, Brambleton , Virginia