Why multifamily development is so boom and bust

Building homes is a fickle business. Over the last twenty years, the United States has weathered a dramatic sequence of ups and downs in the residential housing market. An enormous construction boom from 2004 to 2006 gave way to a spectacular crash, bringing the entire global economy to a screeching halt in 2008. A slow and sluggish recovery followed, eventually picking up steam in the mid-2010s before accelerating into a second boom in the pandemic era, 2020 through 2022.