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Builders tell lawmakers costs, permitting timelines and land constraints make many projects unfeasible
Summary
Industry representatives told the committee that rising construction costs (up to 40–45% higher over several years), long entitlement timelines, and constrained land availability are primary obstacles; a Frederick case study showed a mid‑rise unit cost of roughly $383,000 and an underwriting gap that prevents projects from ‘penciling’ under current market conditions.
Local builders and consultants presented case studies and cautioned lawmakers that high costs and long approval timelines are shrinking the universe of viable housing projects.
Andrew Welker, a local multifamily developer, outlined a three‑building, 112‑unit mid‑rise infill project in Frederick. He said total development costs equaled about $383,000 per unit and that market rents targeted at roughly $2,200 per month would take many years to return the capital investment; under current financing and cost conditions, the project would need rents near $3,000 or a roughly 27 percent…
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