A very interesting perspective from the CEO of one of the top Real Estate firms in the US!
HANG ONTO YOUR HOUSE. Home Building Magnate, Robert Toll predicts that future U.S. home prices will climb so high in the next five years or so that the cost will represent 45% to 50% of household income, up from 21% in 2006.
The reason, he says, is that zoning boards are becoming so restrictive, there is very little new product being put in the pipeline. This will reduce future supply. The local planning and zoning approval process can take anywhere from three years to six years, depending on the jurisdiction, he says
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