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Why it’s so hard to find an apartment you can afford
(us.cnn.com)
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this post was submitted on 19 Feb 2024
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If this were the sole reason, or even the most significant issue, we would be seeing that type of housing pop up in the outskirts or other undeveloped areas. But we aren't. Even areas with falling populations have skyrocketing rents/housing costs.
If you look at the building code as it is written now, when a building goes over two levels, it requires two exit stairwells. This is the most stringent rule in the code and is only implemented in north america.
This means a plot of land that would fit a single family home would now require to give up the area of two stairwells combined if a three floor home/building is proposed on this parcel.
This means a large chunk of square footage disappears and the cost of the units in this development go up. Where you could have fit two units on a floor in this proposal with one exit stairwell, you may only now fit one unit with two exit stairwells (which makes no sense)
Thus it's more likely a developer will buy up 5 or 6 plots of land next to one another. They can then build a condo with a single corridor down the middle and units on each side. Two exit stairwells are then added on each end of the long corridor. You are now left with an apartment complex which is probably higher then 5 levels to maximize profit and has 10 or more units per floor.
Here are some great short videos that explain this concept really well.
https://www.youtube.com/watch?v=iRdwXQb7CfM
https://www.youtube.com/watch?v=DX_-UcC14xw