As the economy sours, ever-rising construction costs seem to be an in-vogue subject: Last night, the New York Building Congress released a report on the topic; the
Manhattan Institute put out recommendations for controlling cost escalations earlier this month; and, on Monday, the Bloomberg administration announced a set of initiatives to lower costs of city projects.
The basic problem–costs have been going up at least 10 percent annually for the past few years–doesn’t seem to have any easy solutions, as the reports (both of which involved consultation with the same firm, Urbanomics) recommended a broad array of changes that could lower costs to varying degrees.
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