Affordable housing is a shelter affordable to service providers and workers and is close to the job location. It is rental housing as well as homeownership that moderate-income families can afford. Remember that the workforce population is the core service provider of the community. Staying close to the job location will help them reduce the commute time and expenses.
However, there is a shortage of affordable workforce housing units in the city center. There is a growing gap between need and supply. Remember that the workforce population has an area median income of 60 to 120% and spends not more than 30 to 40% of their income on paying rent. Although there are other variations of the definition, the general nature of the workforce population includes the medium-income group.
Understand the crisis
The workforce includes service providers like teachers, firefighters, police officers, and others who form an integral community. However, they cannot afford to live close to their job location. It is because of the high rent of the residential units in and around the city center, reflects Maxwell Drever. Hence, they become compelled to stay away from the industrial hub into the suburban areas.
The ongoing trend
At present, different groups of society have started contemplating the issue of the short supply of affordable residential units. Hence, various philanthropic organizations and private institutions have come forward to resolve this issue. Along with this, federal and state governments have initiated numerous programs and policies to help real estate investors and purchases. Moreover, various approaches can solve the root cause of the shortage of affordable housing units.
Affordable housing is an issue for the workforce population and employers. Maxwell Drever states that the owners of the means of production require workers to stay close to the industrial hub. However, the shortage of residential units in the city centers has added to their problem. Thus, the problem is limited to the workforce population and the other sections of society.
Policymakers and private institutions are increasingly recognizing the impact of transportation costs on the lives of the workforce population. Hence, it has provided an impetus among the policymakers to initiate programs to help housing construction. Along with this, there is a combined effort of public and private institutions and real estate investors, and landlords to transform existing properties into housing estates.
Look forward to it
The need of the hour is a positive attitude of the community. From loosening zoning restrictions and construction norms, a lot must ensure the proper construction of residential units. Along with this, there must be a growing awareness among real estate investors about the benefits of undertaking these constructions. Remember that it is a smooth flow of revenue for real estate investors and landlords. The hospitality sector that got halted by the pandemic scenario was affected negatively. Hence, every section of society must reap this opportunity to grab its benefit. Workers' lifestyles will become easy, making it better for society at large.
