Washington Post: How Philadelphia Stacks Up When It Comes to New Housing Development

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New house building at the construction site.
Image via iStock.
While many parts of the country are building new homes, Pennsylvania isn't among them.

Home prices nationwide keep skyrocketing, despite continuous hikes in interest rates by the Federal Reserve, writes Andrew Van Dam for The Washington Post.

While the simplest solution would be to boost supply, that has not been happening and available homes remain at a record low.

When it comes to Pennsylvania, a look at how many building permits were issued recently shows that the Keystone State is among the ones that are adding the least amount of new housing inventory.

A look at where the most permits were issued nationwide shows an interesting political element: the majority of permits were issued in Republican counties.

One of the explanations for this is the availability of land. Bigger cities, such as Philadelphia, which are usually Democratic, do not have as much available land for new construction. Meanwhile, the nation’s rural parts, which skew Republican, still have plenty of land that can be developed.

Additionally, the lack of land in urban areas can lead to stricter regulations regarding development and higher costs for the builders.

In Philadelphia, from 2013 to 2018, zoning and related restrictions added $76,672 to the cost of a quarter-acre lot.

Read more about the issue in The Washington Post.

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