February 3, 2008
"Financing across the board has become more difficult," said Raphael Bostic, associate director of the Lusk Center for Real Estate at USC.
Bostic said lenders are requiring developers to front more money. And rates are high, so if developers don't have enough equity, their projects aren't going to happen, he said.
"It makes it really hard," Bostic said. "That's why these projects are sitting. Everyone is trying to find a strategy to survive."