WHAT HEELS!: Stealing Building Supplies
Larceny at residential construction sites nationwide has skyrocketed, with everything from wiring, piping, windows, bathtubs and appliances disappearing – sometimes hours after being installed, reports The New York Times:
The National Association of Home Builders, a trade group, estimates that the annual cost of theft to the industry has reached $5 billion. …
“Builders in Chapter 11 and lenders foreclosing on properties still under construction aren’t as diligent about security,” said Mark Ouimette, managing director at Beecher Carlson, an insurance company based in Atlanta that underwrites policies for homebuilders.
Indeed, police officials from Tucson to Miami report that thieves often peruse foreclosure filings to find idle and unsupervised projects. Insurers like Beecher Carlson said that theft has forced them to increase homebuilders’ insurance rates by 10 percent to 15 percent in the last two years. …
Builders and developers tell The Times that theft of residential building supplies can add as much as 10 percent to the cost of a home.
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