In today’s Triangle Business Journal a Durham developer has purchased a 1/2 acre lot in Raleigh’s warehouse district for $6 million to build a 12 - story apartment building.
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That would be for the 401 Cabarrus Street over here: https://community.dtraleigh.com/t/401-cabarrus-apartments
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This could break ground this year if interest rates go down, but the Biden Administration voted not to lower them.
The Biden Administration votes? 
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No words…………………….
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I mean’t congress passed a bill that refused to lower it, or the secretary of treasury decided to keep them high.
Please google Federal Reserve and US monetary policy 
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What on earth are you talking about? Neither of those things happened, nor is that how it works. LOL
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Yes the federal reserve will not cut it until the economy unless inflation is moving sustainably.
You’ve given me a headache. Now I have to remove my hardhat.
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I’ll go back to my history books.
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You can go back to your current events book. It’s literally on CNN every week that the Federal Reserve Board (independent, not part of any administration) is trying to strike a balance between interest rates and inflation to prevent a bubble or a hard recession. So far they seem to be doing okay. I’d like all of the on-hold/cancelled projects to move forward immediately, but a market collapse takes way more time to get back from than a year delay. I’m not trying to give you shit (other than some gentle ribbing); I just want to make people aware that it’s not Biden, or even the government, with a nefarious plot to mess up our downtown growth. It’s sensible economic policy from career experts, doing their best to keep our country on a reasonably healthy financial footing.
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Honestly even June may be a stretch for an interest rate adjustment down. Unemployment is at record lows and wages are increasing. Consumer spending is healthy and corporate earnings are still strong. Those are not good indicators for lower inflation, although are indicators for a good economy. No reason to lower rates in this environment quickly.
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Around 5% is the historical average. After years of historically cheap money, it will take some adjustment.
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All the while, the fundamentals of maintaining a middle class for future generations is eroding very quickly, considering the American dream is largely rooted in home equity, and housing affordability is at all time lows. Many renters are on the sidelines of ownership with “good metrics” in terms of income/spending, but not building any wealth.
Personally, I’m really looking forward to Chuck Marohn’s forthcoming book Breaking The Housing Trap that I have on preorder. I have a feeling it will not be painting such a rosy picture of where we are at with interest rates and inflation. Of course, building tens of thousands of new homes in Raleigh over the next year would help a ton, but I think we all know that isn’t happening
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Over 20000 residential units have been built (some still under construction) in Wake County the past year.
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What percentage in Raleigh?
I know there’s a ton of new residential in Cary, Apex, and HS…
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More than 50%. A lot of Raleigh’s would be apartments.
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Right, which we need, but back to my larger point about the fundamentals of the American economic system, we need to create tens of thousands of ownership opportunities for Millennials and Gen Z who missed the housing boat. Again, I think the data we’re seeing in terms of unemployment and wages is not super useful until we view it through the lens of a generation’s ability to building wealth the way Americans have for 80 years.
Sorry, end tangent!
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