National Housing & Rehabilitation Association joined more than 30 organizations in a letter to Commerce Secretary Gina Raimondo calling for a review and remedies for lumber prices that have nearly tripled in the past year.
The letter said the increased costs have driven up single family home construction prices by $24,000 and the average multifamily housing unit by $9,000.
“To the extent they are able to pass on their 2 additional costs, both single- and multifamily housing becomes less affordable,” the letter said. “Other projects will no longer be economically viable, which undercuts the availability of new housing supply and further jeopardizes affordability.”
