New Mexico, like many states in the USA and other countries across the world, is grappling with a persistent housing affordability crisis. Recent actions by the State-run Construction Industries Commission, aimed at bolstering energy efficiency and sustainability through new building codes, have ignited a heated debate about the potential consequences for housing affordability – and it is something we can all learn from .
The proposed codes mandate higher insulation standards and infrastructure for electric vehicle charging stations in new homes. While these measures align with broader sustainability goals, they come with a significant price tag. Estimates suggest a 10% to 20% increase in construction costs, translating to an additional $70,000 for the average New Mexican homebuyer.
This substantial cost increase raises serious concerns about the impact on housing affordability. For many families already struggling to enter the housing market, such an added expense could be insurmountable. The risk is that these well-intentioned regulations may inadvertently exacerbate the existing housing crisis, pushing homeownership further out of reach for a significant portion of the population. Click the link to read more