Wood Partners, the fourth-largest apartment developer in the U.S., is exiting the West Coast market. CEO Joe Keough did not detail the reasons, but the decision is likely influenced by California’s challenging building environment and severe housing shortage. Over the past decade, California has averaged fewer than 80,000 new homes annually, well below the 180,000 needed each year to meet demand, according to the California Department of Housing and Community Development. Rising construction, insurance, and housing costs are also driving developers and apartment owners away.
Source: https://www.multifamilydive.com/news/wood-partners-west-coast-california-housing/722446/
