A recent article published in the Cooperator News detailed the effects of rising fuel prices in the housing market. The article notes that, according to the World Green Building Council (WGBC), buildings account for 39% of global energy-related carbon emissions; 28% being operational emissions and the remaining 11% coming from materials and construction. But for cities like New York, total emissions nearly doubles to 70%.
But cost increases don’t end with exceeding fuel demand. AKAM Senior Vice President, Ajo Kurian, was quoted in the article explaining how inflation impacts almost every facet of the real estate industry,
“Inflationary pressures affect many aspects of the real estate industry, and it’s top of mind for co-op and condo owners, board members, and managers,” adds Ajo Kurian, a senior vice president with AKAM Management, a real estate management firm based in New York City and Florida. “The results of inflation and rising costs are seen everywhere, from basics such as cleaning supplies, to labor costs—consider the recent 32BJ contract for building workers in New York City, for example – and equipment and materials for capital projects.”
To read the full article, visit www.cooperatornews.com.