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22 <br /> Slide #38 <br /> 1 Ci ll M1C.IV CiAf C=C(i IIV-Y <br /> Challenges in the Market Make Addressing <br /> Orange County's Housing Costs Difficult <br /> • Construction costs have increased rapidly due to inflation in labor <br /> costs, higher materials costs, and tariffs. <br /> • Debt remains expensive for both investors in new buildings and <br /> homebuyers. <br /> • Incomes haven't increased as rapidly as other costs. <br /> • The federal government hasn't increased support for very affordable <br /> housing—though it did expand the LIHTC program in 2025. <br /> U R B A N I N S T I T U r f <br /> Vice-Chair Fowler asked if the county should try to time the market for when things <br /> improve, or do you average costs and keep trying, hoping it will get better in the future. <br /> Yonah Freemark said ideally the county would act on this plan and make sure it achieves <br /> the desired outcomes. He said they should do so in a way that when the housing market <br /> improves, development can respond appropriately. <br /> Slide #39 <br /> Orange County Has Conditions That Make it <br /> Somewhat Different than the Rest of the Triangle <br /> • Housing construction in the county is slower than elsewhere, and it's <br /> more focused on single-family homes for sale. <br /> • Housing costs—for rent or sale—are arguably the highest among <br /> Triangle counties, and low-income renters are cost burdened. <br /> • Outside parts of Carrboro, Chapel Hill, and Hillsboro, zoning for large- <br /> lot single-family homes dominates. <br /> • Current land-use policies may be contributing to higher home prices <br /> and increased transportation costs. <br /> • U R B A N - I N S T I T U T i - JJ <br />