That 7% is for the projects that actually happen. This misses all the projects that don’t when start because they don’t pencil due to the phenomenon that the o

That 7% is for the projects that actually happen. This misses all the projects that don’t when start because they don’t pencil due to the phenomenon that the original poster mentioned. If you want to see it up close and personal, go to any Public Hearing in your city for any new construction of any kind, and watch 100 of your neighbours who have already benefitted from past construction lineup to oppose the prospect of any additional construction for anyone else. It’s not just that it adds a few percent costs, it’s that it drastically reduces the number of projects people even try to build.