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“The reality is that most homes that we’re building at this point are not going to be in the center, they’re going to be at the margin somewhere because in New Jersey there’s not a huge amount of land to build homes on,” he said.
If innovative solutions are needed, that could involve making truly bold decisions beyond converting single family homes or office space into multifamily properties, he said.
“In the UK, we do a lot of pub conversions, converting those into residential properties. Churches (disused as a result of declining attendance) are another example. There’s no one answer. You’re not going to take a church or an office and turn it into a house – we’re going to take that and turn it into a multifamily property.”
Before too long the housing industry – and the homebuyer – may have no choice but to consider such offerings. According to a report from the US Department of Housing and Urban Development and the US Census Bureau, soaring interest rates and building material supply chain disruptions caused overall housing starts to fall 14.4% in May, the biggest drop since April 2020.
Add to the mix stringent zoning laws that often stymie construction projects and it’s clear why Beacham’s views have not been rejected out of hand.
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