How Insurance Costs Make NYC Construction so Expensive | Odd Lots

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 Watch Bloomberg Vodcasts: https://www.youtube.com/playlist?list=PLe4PRejZgr0MS0Tqk_zQl1LVVTdWuH2Di Watch more Odd Lots episodes: https://www.youtube.com/playlist?list=PLe4PRejZgr0OJbRzA6nWybYiThLJd_ouz Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Monday and Thursday for interviews with the most interesting minds in finance, economics and markets. Join the conversation: discord.gg/oddlots Subscribe to Bloomberg Podcasts: https://bit.ly/BloombergPodcasts Check out more Odd Lots: https://youtube.com/playlist?list=PLe4PRejZgr0MuA6M0zkZyy-99-qc87wKV Get the Odd Lots newsletter: https://www.bloomberg.com/account/newsletters/oddlots And for all things Odd Lots, visit https://www.bloomberg.com/oddlots #Investing #Markets #Finance #Bloomberg #Podcast #OddLots Visit us: https://www.bloomberg.com/podcasts For coverage on news, markets and more: http://www.bloomberg.com/video Visit our other YouTube channels: Bloomberg Television: https://www.youtube.com/@markets Bloomberg Originals: https://www.youtube.com/bloomberg

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