"...and rules that compel developers to meet labor and environmental standards that often exceed what’s required for luxury condominiums."
It's not just rules. Funding is competitive, and if you want a competitive bid you need to promise the world. Parking, green technologies, accessibility, community space, lots of amenities for residents, landscaping, not to mention the cost of ongoing compliance.
"Another is California’s labyrinthine financing process, which forces developers to navigate a dozen different funding programs controlled by five separate departments with authority divided between the governor and state treasurer."
Having worked in the industry for 10 years, I'd say this is an understatement. There's also federal, local and county regulations in addition to the multi-tentacled state system.
It's not just rules. Funding is competitive, and if you want a competitive bid you need to promise the world. Parking, green technologies, accessibility, community space, lots of amenities for residents, landscaping, not to mention the cost of ongoing compliance.
"Another is California’s labyrinthine financing process, which forces developers to navigate a dozen different funding programs controlled by five separate departments with authority divided between the governor and state treasurer."
Having worked in the industry for 10 years, I'd say this is an understatement. There's also federal, local and county regulations in addition to the multi-tentacled state system.