Construction of Apartments Up Sharply in San Diego
San Diego County apartment construction increased 637% in February over the same month in 1985, from a valuation of $5,152,868 (146 units) to a valuation of $37,992,053 for 1,365 units, according to George Carlson, apartment investment specialist for John Burnham & Co., San Diego.
Carlson said the record-breaking pace of apartment construction is “helping to keep a cap on rent increases and is a perfect example of the free market at work,” a reference to the fact that there is no rent control in San Diego County.
After a rebound in January, condominium construction softened again in February, resulting in two-month total valuations of $40,174,615 (699 new units), down 4% from the $42,005,985 (748 units) in January and February of 1985, he said.
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