The gap in the demand and supply of affordable housing increases every day. Looking at western cities, you will understand that more than 11,000,000 renters spend half of their income paying housing rent. Hence, they are highly cost-burdened and jeopardized by other issues.
- The lack of federal policies and budget has contributed to this issue of the affordable housing shortage.
- Citizens across the globe are thereby turning to governmental institutions to get support and demand more good shelters.
However, more steps needed can boost affordable housing and solve this eviction issue.
ü Where does the problem lie?
The worldwide pandemic has left every individual in panic. The economy has undergone a downturn and affected every section of society. With industries shut down and workers stripped of their job, things have taken a severe turn. The worst affected by this is the workforce population. There are service providers. Hence, they have fixed wages. Since these individuals cannot cope with the increasing cost of living, Maxwell Drever affirms it is challenging to get an affordable shelter in their work location.
ü Understand the role of the Housing Trust?
Well, Housing Trust is a way of funding and developing real estate projects. In various states, people use state resources for financing these projects and reducing the demand for housing units. Multiple forms in the western world have taken the help of city-level funds. These are sources of finances, and local governments are solely responsible for this.
ü Is affordable workforce housing only an issue of the workforce population?
The answer is no. If you look at survey reports, you will see that more and more individuals are moving away from the urban sector into the suburban location. These individuals, the workforce population, are compared to those living in the suburban area because they cannot find a residential unit in the city centers.
Hence, they have to travel long distances to reach their local job. On the other hand, Maxwell Drever reveals employers are not getting workers in their industrial areas. Thus, they are facing the issue of a short supply of laborers. It affects the industrial operation and performance in the long run. The local governments are also hard-pressed by the quick availability of the workforce housing units. Several municipal corporations have approved housing plans to bring the workforce population back into the cities.
ü Tax breaks and incentives
Experts believe that state incentives are a fundamental source of revenue. By issuing credit to real estate investors and developers, things will be easier for them.
- They can better acquire, rehabilitate and construct the housing units.
- Although cities do not have control over the allocated funds, incentive programs have come as an encouragement for private developers.
- There is an increasing supply of residential units, which needs continuation.
In the urban centers, economic development has become the sole criteria. Relaxing the zoning regulations and developing new rules to resolve this issue by working together can incorporate many changes.
Read also: avple
