What is one reason that builders may be unable to meet housing demand quickly?

One reason that builders may be unable to meet housing demand quickly is the time it takes for development to proceed. The construction of residential buildings typically involves several phases, including planning, zoning approvals, financing, and actual construction. The process can span multiple years, particularly if the project faces delays due to regulatory approvals, financing difficulties, or complications during construction. This extensive timeline means that even when there is high demand for housing, builders cannot immediately supply homes to meet this demand, leading to a lag in availability.

In contrast, rapid changes to building codes are less common and typically follow established procedures that don’t create immediate barriers to meeting demand. A consistently stable housing market might not generate urgent demand spikes that outpace supply, while unlimited access to construction materials would likely mitigate supply chain constraints and help builders respond more swiftly to market needs.