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Development Cost Stack <br />100% <br />90 % <br />80% <br />70 % <br />60 % <br />50% <br />40 % <br />30% <br />20% <br />10% <br />O% <br />■ Acquisition <br />10% <br />Total Project Costs <br />■ Hard <br />Soft <br />♦A <br />'7 <br />C = 85% Materials & 15% Labor <br />,J <br />Conversion <br />r VI 0 TERNER-HOus>rf0 <br />CENTER0INNOVATION <br />Figure 1: Total Development Costs for Mlultifamily Projects in California (Completed 2010-20191 u C B. E R K E L E Y <br />ATERNER CENTER REPORT -MARCH 30A <br />