One of the men behind the Homer Bucket has a message for government: Get out of the way. Business Insider has a piece penned by Bernie Marcus, co-founder of Home Depot that marks a path toward more affordable housing:
So if prices are high and the demand is present, why is there a reduction in the number of homes being built? The answer is overly-burdensome regulations.
The National Association of Home Builders estimates that 24 percent of a single family home cost is due to government regulation—14 percent during lot development and 10 percent during construction.
The average cost of building a single family home in 2016 is $348,900. That means almost $85,000 goes toward complying with government regulations.
No wonder Americans are having a difficult time keeping up with housing prices. The additional costs of excessive regulations is an unnecessary burden that keeps owning a home out of the reach for an estimated 14 million Americans.