Lack of condos, typically the most affordable entry into homeownership, is driven by a construction defects law that makes it easier for buyers to sue developers, Wells said. The law spooked builders away from condos and into the apartments. Even though the state legislature last year tempered the law, few local builders have returned to the condo market. "There is almost a stalemate in the wait for someone to test the waters in the region, " he said. "It will take a developer to put a project online to see how things go. " Until then, the construction defects laws and lack of condo opportunity will continue to fuel apartment development and growth, Wells said. And that has resulted in a plethora of apartments for renters looking for high-end finishes that replicate a "for sale" product and amenities that create a certain vibe. With the exception of income-restricted units, new apartments are doing little to mitigate rent prices, as most new construction is leasing at or above the city's median rent of $1, 218 for a one-bedroom space and $1, 349 for a two-bedroom, two-bath.
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