Part 7/10:
A Perfect Storm of Market and Policy Failures
The combination of high interest rates, escalating construction costs, regulatory hurdles, and restrictive policies has created a perfect storm that is crippling the supply side of the housing equation. Developers, wary of the risks and costs, are pulling back from even attempting to build new multifamily projects.
Meanwhile, the demand remains high. Seattle's job market, driven by its strong tech sector, continues to attract new residents, but the supply cannot keep pace. This imbalance is set to push rents even higher—potentially up by 20% or more, making housing less affordable for the average family.