Influence of institutional reform of share participation in construction on the primary market of multi-apartment housing

The article analyzes the features of the business model of apartment building developers in Russia and the mechanism of financing their activities. The authors consider the reasons that necessitated the reform of equity participation in construction in 2018-2019. Analyze the impact of the reform on the institutional environment and business model of Russian development companies in the context of the implementation of the task of the national project «Housing and Urban Environment». The main risks of the transition to a new model of development financing are presented and measures are proposed to mitigate the potential negative consequences.