Posted on 07/08/2013 4:13:35 AM PDT by thackney
A southeastern region of New Mexico facing a housing shortage thanks to a Permian Basin oil boom has seen several planned projects fall through.
The Hobbs News-Sun reports that a number of affordable housing projects in recent months have fizzled in Hobbs and Lea County despite the pressing demand for housing near the Texas border.
For example, a planned 60-home, 12-acre mobile home park that sought to bring homes selling at less than $100,000 fell through last month due to a lack of financing. “I was having challenges getting the financing secured. That is what killed it,” Albuquerque developer Tony Lopes said of his planned Willow Creek subdivision. “The banks out here in Albuquerque were unwilling to loan on something that was ‘too speculative.’”
Meanwhile, a proposed 60-unit affordable senior living apartment complex in Jal and Eunice flopped earlier this year when the developer, Chelsea Investment Corp., didn’t secure state tax credits.
A similar problem plagued Albuquerque-based YES! Housing and a planned 72-unit affordable apartment complex near City Park in Hobbs. YES! also failed to win a bid for highly-competitive state tax credits.
Oil production in New Mexico has increased by nearly 50 percent over the last three years, making it one of five western states that have helped boost national production over the last three years.
(Excerpt) Read more at fuelfix.com ...
bfl
shortages are remedied in a free market
right.
Free market or capitalism works. socialism/communism doesn’t.
capitalism (free market) works.
In socialism shortage are Created and everything is rationed by the ignorant corrupt government idiots who give to their favorites
bump
Everybody who has an acre of land or more is putting in trailer parks and they fill as fast as they’re built. A 3 bedroom 2 bath house will rent for 1500 a month, a 500sqft apartments will go fro 650.00 After my divorce the ex got a 750 sgft apartment for 425.00 a month, they’re 950.00 now.
There was no much housing to begin with out in the areas where the fields are actually located. Pretty remote areas outside of the Midland/Odessa and a few smaller towns.
if the money and demand is there they will build more
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.