Which of the following represents an example of regulatory hurdle?

Building code approvals serve as a clear example of a regulatory hurdle because they are legal requirements that must be met before construction can commence on a project. These regulations are established by local or state governments to ensure safety, structural integrity, and compliance with zoning laws, which can directly impact the timeline, cost, and feasibility of a project.

In this context, stakeholders such as developers and investors must navigate the process of obtaining these approvals, which may involve detailed planning, inspections, and revisions, effectively serving as a barrier that must be overcome to proceed with development. High interest rates, community engagement initiatives, and market demand fluctuations are factors that can influence a project, but they do not represent regulatory requirements that must be met.