Which Markets Respond Best to Housing Demand

first_imgWhich Markets Respond Best to Housing Demand? July 20, 2016 511 Views Housing Demand Housing Inventory Housing Supply 2016-07-20 Seth Welborn in Daily Dose, Data, Featured, Newscenter_img Nationwide, homebuilding has been weak for many months while home prices continue to appreciate. Despite the strong demand for affordable housing, builders generally are not building enough housing to keep up with the demand due to lagging permit numbers and rising labor and material costs.Some markets, such as those in the Southwest and Southeast, can build homes fast enough to keep up with rising demand while other markets—such as those in the Pacific West (San Francisco) and Northeast (Pittsburgh)—cannot.A recent study conducted by Trulia on what economists call “elasticity,” or in other words, how much new housing is built relative to demand, found that the rate at which housing supply has increased relative to demand is low. Elasticity has fluctuated in the past 30 years, but builders are not providing housing at the same rate as prices appreciate than they have in the past, according to Trulia.The markets that are most elastic are able to build more housing relative to price appreciation, while those that are the least elastic are not able.Keeping in mind that the higher the elasticity number, the more housing is built to meet demand in a given market, Trulia found that the current national long-run housing supply elasticity rate is 0.17 percent—which is 3 points below its 30-year average of 0.2 and just more than half of the peak elasticity of 0.29 from 1994. Also, long-run elasticity at the metro level can vary greatly; the metros of Las Vegas, Raleigh-Durham, and Albuquerque each have elasticity higher than 0.8, while elasticity is under 0.5 in markets like San Francisco, Los Angeles, and New Orleans.“Of late, land use regulation, and in particular, zoning, has been blamed for keeping supply low in many markets,” the report stated. “That story, however, is a simplistic one that overlooks the nuances involved with how local governments actually employ zoning across the country. Our research finds that local bureaucracy, measured by building approval delays, affect housing supply elasticity rather than restrictive zoning.”Government regulation is not the only factor that can affect a market’s elasticity, according to Trulia. Natural restrictions can affect it as well—for example, in places with steep topography surrounded by water (San Francisco) it is more difficult to build new homes. By comparison, it is easier to build in metros with a flat buildable landscape, such as Phoenix. Also, it is easier to obtain building permits in areas that feature less regulation (New Orleans and Mobile, Alabama) than in areas with more regulation (Honolulu, Los Angeles).Click here to view the complete Trulia report. Sharelast_img read more

Go back to the enewsletter Mirazur has been awarde

first_imgGo back to the enewsletterMirazur has been awarded the top spot at The World’s 50 Best Restaurants 2019 awards, announced in Singapore this week. Located in Menton, France, Mirazur is lead by Chef Mauro Colagreco who has a love of local produce, most of which is grown in the restaurant’s three-tiered garden located just metres from the dining room.Chef Mauro Colagreco of MirazurMirazur climbed two places from its position in 2018, rising above Osteria Francescana. Colagreco’s Mirazur is joined in the top three positions by Noma (No.2) in Copenhagen, Denmark, and Asador Etxebarri (No.3), in Atxondo, Spain.This year’s event saw 26 countries across five continents honoured with a place on the list. Spain had seven eateries in the list, including three in the top 10: Asador Etxebarri (No.3), Mugaritz (No.7) and Disfrutar (No.9). The USA had six restaurants in the top 50. Denmark had five in the full list; Lima had two in the Top 10: Central (No.6) and Maido (No.10). Mexico, the UK, Italy, Japan, China, Thailand and Russia are also each represented with two restaurants on the list.“This has been a wonderful, progressive year for the list as a whole, with so many new entries from all corners of the globe,” said William Drew, Director of Content for The World’s 50 Best Restaurants.“We are equally delighted to welcome the seven previous No.1 restaurants into the newly created Best of the Best category.”Best of the BestThose in the elite group of No.1 ranked restaurants (listed below) will now be forever honoured as iconic dining destinations in the Best of the Best hall of fame. The chefs and restaurateurs who have led their restaurants to the pinnacle of the list have expressed their desire to invest in the future of the sector and ‘give back’ to the food world through new projects and initiatives. The following restaurants have been named No.1 in The World’s 50 Best Restaurants since the list’s inception and were therefore not eligible for voting in 2019 or beyond:El Bulli (2002, 2006-2009)The French Laundry (2003-2004)The Fat Duck (2005)Noma – original location (2010-2012, 2014)El Celler de Can Roca (2013, 2015)Osteria Francescana (2016, 2018)Eleven Madison Park (2017)Go back to the enewsletterlast_img read more