The catalyst: In 2018, the FCC adopted a declaratory ruling and order that did two things simultaneously: it capped what states and localities can charge for small-cell and co-location siting applications, and it forced "shot clock" review deadlines — 60 days for co-location on existing structures, 90 for new builds. The stated goal was cheaper, faster 5G. The practical effect was different: carriers still had to attach somewhere, and the FCC order did nothing to cap what the owners of towers and rooftops can charge for the attachment itself. Pair that with state "dig once" and pole-attachment statutes pushing carriers toward existing vertical infrastructure rather than new builds, and you've engineered more demand for a fixed supply of prime tower real estate — with pricing power sitting entirely with the landlord.
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