Housing First Minnesota Executive Director David Siegel was honored to moderate a panel of member builders and developers at the recent Minnesota Real Estate Journal Residential Real Estate Summit on Friday April, 5. Panelists included John Rask, VP of Land for M/I Homes and President of Housing First Minnesota; Michael Ramme, Director of Land Acquisition for Pulte Homes and Art Plante, Owner, John Arthur Homes.
Panelists said they are seeing development occur in the exurbs once again given the relatively strong market and the immense need for more affordable product. All three shared the challenges they find in the high regulatory burdens on new construction and how that limits choices and impacts the overall housing market.
All agreed that townhome production will continue to strengthen, but the do not see the likelihood of substantial condo development. The panelists commented on the growth of age qualified housing and expect to see that market niche continue to grow.
Lastly, the panelists said that while cities could assist affordability by allowing greater density, that alone will not solve the problem. A much broader look at affordability and all of the factors driving up the cost of new construction must be addressed. And the need for more new construction is undeniable.
