The boom in the real estate market between the late 1990s to the mid-2000s proved advantageous for a few. They bought homes, cleared debts, took vacations, got new cars, etc says Maxwell Drever. The prices moderated by the mid-2000s to maintain the traditional levels. Still, homeownership became an expensive affair in almost every market. During the same time, some families faced income stagnancy. For them, median-priced housing became out of reach. With this, many other things also led to the affordable housing crisis, such as the decentralization of federal housing programs, the rise of market-rate housing, etc. All these created a shortage of housing units for low and medium-income groups.
However, the situation doesn’t have to stay the same. All income groups deserve the right to live in a decent house of their own. Although it may seem like an impossible task to investors, developers, and everyone else, a few considerations can bring helpful changes.
Wear off community resistance
One of the main reasons for the limited access to such options is the public resistance, stemming from unawareness about who benefits from this. These people need guidance about the affordable housing market. They need to know that these homes can be for fixed-income senior groups, individuals with new jobs, working families, and others. At the same time, you have to emphasize that having a mix of housing options can benefit community life. It can become more dynamic, sustainable, and lively. It also opens up the possibility of diverse income and age range. Once the public gets sensitized to these things, it can be easier to build these projects.
Run outreach programs
Since sourcing funds, choosing a site, level grading, and other things tend to be time-consuming, focusing on dilapidated or distressed properties and converting them into a modern residential community can be better. Due to covid, many hotels and motels lost businesses and shut their shops. Investors and developers can select those and other such real estates to complete their housing units faster at a much-reduced cost. After all, these places already have many amenities and facilities, remarks Maxwell Drever. A few modifications can make them perfect for people who need a house close to their job in the city.
However, they may need some convincing to try those accommodations. For them, outreach programs can be an ideal communication tool. You have to tell them that these improved living places will not result in high prices. Conducting community workshops, advisory groups, and other such efforts can yield favorable results.
Understanding the market
Developers have to know the in and out of the market. They can rely on property managers, housing agencies, local brokers, consultants, and others for this intelligence. The developers can ask them to find out the reason for the success or failure of a project and help create community support and approval for one to replicate the development.
Like this, various strategies are there to speed up the delivery of affordable workforce housing. It can be a gradual process, but consistent and conscious attempts can bring positive changes soon.