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Home » Several Broken Hotels Are Getting Converted into Affordable Workforce Housing – Maxwell Drever Highlights the Relevance of this Conversion

Several Broken Hotels Are Getting Converted into Affordable Workforce Housing – Maxwell Drever Highlights the Relevance of this Conversion

If you scan the housing segment in the United States, you will find that the issue of housing crisis is an acute problem says Maxwell Drever. Even with great economic and social development, there are people who either stay in shoddy homes or on the street. And the sudden pandemic outbreak has only aggravated this issue. People staying on street is not a good sight and neither is it favorable for people, as they can get affected by the virus.

In recent times, the leading and not-so-popular hotels have also been adversely impacted by the pandemic. The occupancy rate has gone down drastically. And Maxwell Drever says that this hotel vacancy that is an outcome of the pandemic outbreak has provided a wonderful scope to provide affordable workforce housing in a few costly regions in America.

A few examples to consider

If you read the news, you will know that the lawmakers in New York and California have responded to the new policies that have come up. And so far, it has been noticed that New York has proposed to spend less at a slower pace to capitalize on this scope of creating affordable housing units. On the other hand, California has taken a drastic approach that enables them to generate approximately 6,000 units of the housing. The state lawmakers in New York had sanctioned a program in the month of June to fund the purchase of old, broken and distressed hotels. By the non-profit organizations and transform them into permanent housing units for the low-income groups. The same is happening in Madison city. Hence, it seems that there is a mass conversion of distressed and broken hotels into affordable accommodation. In various parts of the United States today.

Why is this conversion process significant?

First and foremost, the housing crisis affects one and all, including an average individual. A government representative, a real estate agent, an investor, and even an industrialist. And each tries to contribute in their own way to reduce and resolve the issue as much as possible.

However, when it came to the pandemic outbreak and its effect on the hotel industry. The low to zero occupancy rate says it all. Also, in recent times, several hotel owners intended to transform a few of their hotel branches into student accommodation. Assisted living units or condominiums to put them into better use. Since the pandemic had aggravated the issue of housing crisis. The hotel owners thought it to be a wise decision to get in touch with reputed developers. Real estate companies, investors and architects and transform their property into affordable housing units.

That is not all! Maxwell Drever says that a broken or distressed hotel has the required space to provide basic housing. For a vast section of people who come under the low to medium income bracket. And since most hotels are in a prime location. It can enable the workforce to travel to their workplace easily and maintain a correct work-life balance.