How Insurance Costs Make NYC Construction so Expensive | Odd Lots

Описание: It's hard to imagine NYC becoming significantly more affordable as long as it's so expensive to build things. Whether we're talking about new housing or transportation, the city is a famously expensive place to do construction. There are reports of subway elevators costing $100 million per station. Public bathrooms end up costing millions as well. One driver of costs is insurance, which is a major national issue, but particularly acute in NYC, with costs as a share of a given construction project having surged over the decades. So what's the story? On this episode we speak with Elizabeth Crowley, the president and CEO of the Building Trades Employers' Association as well as Michael Capasso, the president and CEO of CAC Industries, a civil engineering firm which works on various heavy construction projects in the city. We talk about regulations that push the cost of operation higher, along with other factors such as project delays and labor availability.

Chapters:
00:00:00 - Opening Discussion
00:04:37 - Labor Costs vs Union Factor
00:08:55 - Delays and Their Cost Impact
00:14:09 - Geographic and Logistical Challenges
00:15:41 - The Scaffold Law and Insurance Crisis
00:17:40 - Absolute Liability vs Comparative Negligence
00:17:55 - Insurance Market Challenges
00:20:15 - Historical Context and Reform Efforts
00:21:50 - Recent Changes in Insurance Costs
00:31:48 - High-Profile Project Costs
00:34:17 - Success Stories and Reform Examples
00:36:21 - Safety Statistics Comparison
00:37:21 - Labor Shortage and Workforce Issues
00:39:45 - Technology and AI in Construction
00:43:10 - Current Material Costs and Supply Chain
00:44:43 - Consultant and Outsourcing Issues
00:45:32 - Conclusion and Wrap-up
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