American housing is an industry of projects, not products, and the binding constraint is approval duration

What was held

The founding position. It takes roughly thirty-two months to deliver an American home and only eight of them build it; the rest is information processing, waiting and risk-bearing. If that is true, the constraint is administrative rather than physical, and the lever is compilation rather than construction.

What was done

Nothing yet. This is the starting position, recorded so that everything after it can be read against it.

What came back

The diagnosis half has held through everything below. The claim about what causes the duration, and what would remove it, has not.

What it cost

None. An opening position costs nothing until it meets evidence — which is the point of writing it down before it does.

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