The people in the middle-class earning bracket often find it challenging to find a place of shelter. It’s becoming increasingly difficult to get a house within their budget capacity. And the sudden pandemic outbreak has catapulted this situation to a great extent. And since the capital flow in the market got impacted, the workforce population witnessed ample hurdles says Maxwell Drever. As you go through the various survey reports, they suggest a common aspect – today; there is a lack of affordable housing for a huge section of the society. However, this issue is not just prevalent amidst the individuals in the middle-income bracket but also amidst the homeowners, local employers, and many more. Hence, it is evident that the issue of affordable workforce housing is a problem for most. The effect of increasing housing costs on the traffic Maxwell Drever says that traffic is a cause for not creating homes. To accommodate more people in a certain locality, it is essential to manage the traffic. Today, there is proof about the adverse effect of housing absence on the traffic. And for the people in the lower-earning bracket, getting placed… Read More »The Crisis of Affordable Workforce Housing is a Challenge for All – Insights by Maxwell Drever
Transforming a Broken and Old Hotel into an Affordable Workforce Accommodation Unit – Maxwell Drever Highlights the Factors Involved in the Process
The pandemic outbreak hurt several business sectors. The occupancy rates went down rapidly when it came to the hotel industry says Maxwell Drever. And soon the hotels across the United States started experiencing enormous losses. And since the virus was spreading rapidly, there were ample measures to flatten the virus curve. For this, there were travel restrictions and also social distancing norms that implement. And that made the hospitality business suffer to a great extent, where recovery seemed to be like a distant hope. Even when the resorts, motels, and hotels got adversely affect, there was a brighter side amidst all this chaos. Maxwell Drever says that some of these hotels were getting converted into low-cost shelters or accommodation units for people with very low earnings. And since the housing crisis in the United States is an acute reality, this mass conversion of hotels seemed like a solution to an urgent housing need. Also, this process had targeted a vulnerable segment of our society. And today, more such property owners are coming forward so that they can transfer their property to the hands of expert developers and real estate agents… Read More »Transforming a Broken and Old Hotel into an Affordable Workforce Accommodation Unit – Maxwell Drever Highlights the Factors Involved in the Process
Today, you will come across various versions of workforce housing. Simply put, workforce housing is the construction zones that get developed to cater to families which fall between lavish and affordable housing says Maxwell Drever. Usually, it is observed in the income level where the developers and agencies decide to cater to families earning between 80 and 120% of the median income. However, the precise amount is based on the states or the country’s regulations where the market is. When it comes to workforce housing, the firms are usually trying to develop a product that caters to working families. Unluckily, the income for several such families is not enough and they come low at the food chain of the housing marketplace. According to Maxwell Drever, these families don’t qualify for lavish housing and make too much for qualifying for real affordable housing. And it acts as another way to outline the government-subsidized affordable housing. Hence, it generates a wide gap between these two spaces. This is because the housing costs and the rents are increasing in most urban areas and the wages remain stagnant. Hence, most of these families get… Read More »Workforce Housing and Its Relevance – What Maxwell Drever Thinks About It?
Workforce housing is becoming an increasingly popular topic of discussion, especially among those earning middle-level incomes. However, a lot of people are still skeptical about the term and what it entails. The claim is that workforce housing can solve the affordable housing crisis in the country – at least one aspect. But how true are those claims? Read more to find out. What Is Workforce Housing? Before we can learn whether workforce housing is a viable solution to the affordable housing crisis, it is important to learn what workforce housing exactly is. According to the Urban Land Institute (ULI), workforce housing provides affordable housing opportunities for those earning 60 to 120% of the area median income (AMI). This program targets middle-income workers, including teachers, healthcare employees, police officers, firefighters, retail employees, and other citizens with similar fields. However, not everyone who needs workforce housing will qualify for it. Is Workforce Housing a Permanent Solution to the Affordable Housing Crisis? According to Maxwell Drever, workforce housing is one of the most convenient steps that can be taken to reduce the affordable housing crisis in the country. However, it is still up… Read More »Maxwell Drever- Can Workforce Housing Really Fix Housing Issues?
Given today’s changing market, it has become important to diversify your investment portfolio. By looking at more than just buying stocks and trading bonds, you can minimize the overall risk and benefit from maximum returns. Nowadays, many investors are turning to real estate, where they put their money directly into a property. This process usually follows two steps: Buy and flip the house, and either manage it as a rental or put it on the market. However, if you are looking for a way to minimize your physical work then how about passive investing? Flipping and getting a quick return sounds too challenging but it is the true portfolio workhorse. The type of real estate investing we are talking about is multifamily housing that generates high returns. This is where the workforce housing scheme comes in. A simple yet amazing project by professionals such as Maxwell Drever that is aimed at providing our workforce with affordable houses that are close to their workplace. This right here is one of the biggest benefits of investing in workforce housing. Let’s take a look at a few others: Increasing Millennial Demand According to… Read More »Maxwell Drever: Benefits of Investing in Workforce Housing
The term affordable workforce housing always sounds like something positive. However, it comes with some disadvantages. Take a look at the disadvantages before you go for this program. What Is Affordable Workforce Housing? According to Maxwell Drever, affordable housing provides houses to middle-income earners at a price below the market rate. He believes it is everyone’s right to have access to housing to fulfill their basic needs of a secure shelter, and that is why investors should invest in it. For example, if a household earns less than $60,000 a year and invests more than 30% of its gross income on housing, it should be eligible for affordable housing. Such families come under middle-class income earners. The concept of affordable housing residents is more common in developing countries where most people cannot afford to buy a home at market value. People in the United States have also started looking into it due to the economic crisis after COVID-19. Though the criteria of those who can avail of affordable housing differ from country to country, the basic concept remains the same; affordable housing should meet the housing needs of low- and… Read More »Maxwell Drever: Are There Any Cons of Workforce Housing?
The economic crisis following the dawn of the COVID-19 pandemic is becoming more apparent. This has also led to a lot of people struggling to find affordable housing. According to Maxwell Drever, at least a part of this issue can be solved through workforce housing. What is Workforce Housing? Workforce housing programs aim to help households with middle-income wages to find affordable housing. However, there are certain factors that a certain household needs to pass on to be eligible for any of the workforce housing programs. The basic requirement is that the household’s total income should be between 60 to 120% of the area median income (AMI). Maxwell Drever believes that everyone should have the right to live in safe, comfortable, and affordable housing. This is why he encourages people to invest in this industry to create more spaces for accommodation for people who need affordable housing. The Importance of Affordable Workforce Housing There are various reasons why workforce house is important to cities and their people. Read on to learn some of these reasons. 1. Affordable Housing for Low Income Households The core advantage of workforce housing is that… Read More »Maxwell Drever- An Overview of Workforce Housing
Workforce housing is a hot topic at the moment. Whether people are supporting the initiative or opposing it, it is certainly sparking a lot of conversation. However, a lack of information and misinformation about the concept of workforce housing has led to several myths and negative connotations being attached to the topic. Therefore, it is important to educate yourself about it before understanding how to put the concept into practice. What is Workforce Housing? In simple words, workforce housing aims to provide affordable housing to middle-income households. The exact amount of income that makes a family eligible for this program may differ from state to state. However, the general criteria are that it targets households earning between 60 to 120% of the area median income (AMI). There are additional factors to evaluate the eligibility of a family for these programs. Investing in Workforce Housing Development Workforce housing can benefit two types of people; those eligible for these programs and those investing in such programs. If you are from the latter group, read on to learn about the opportunities and benefits of investing in the workforce housing industries. Opportunities and Benefits… Read More »Maxwell Drever: A Guide to Workforce Housing
Maxwell Drever says the average millennial is spending 40% to 50% of their income just on rent. While it makes no sense to spend such a large chunk of your money on housing. Most people don’t have a choice. The average rent is skyrocketing, whereas the job market isn’t stable at all. And with the COVID-19 pandemic, things just got even worse. What is Workforce Housing? Workforce Housing is a program that provides affordable housing. To employees earning 60% to 120% of the area median income (AMI). It mostly targets middle-income workers, including police officers, health care workers, teachers, firefighters, retail clerks, and other similar jobs. A household needs to meet certain requirements to qualify for workforce housing. However, Maxwell Drever is emphatic in his point that providing affordable workforce housing. So everyone can still be a huge issue, considering a good portion of the public can qualify for this program. Yet, there is a way to solve this issue. A Decline in Hotel Revenue May Have a Silver Lining The lockdown instilled after the spread of the coronavirus also caused another big issue. The travel restrictions led to a… Read More »Comments by Maxwell Drever on converting a closed hotel into affordable workforce housing
With housing prices skyrocketing due to high demand and low supply, finding affordable housing is not an easy task in today’s world. Maxwell Drever says the problem multiplies for teachers, police officers, and other professionals who don’t have the budget to purchase luxury apartments instead of looking for a residence near their workplace. Many real estate investors have found solutions to this problem. For instance, Maxwell Drever creates affordable workforce housing complexes out of closed hotels with the winning strategy he adapted over 50 years ago! Curious to know what that strategy is? Read on to find out more. How severe is the housing crisis around the United States? According to a report in the Wall Street Journal, the US built, on average, 276,000 fewer homes between 2001-2020 as compared to 1968-2000. This shortage has led to a record increase in prices, thus limiting access to houses for low-income earners. What is the solution? Convert “broken” hotels into affordable apartments for the workforce How can broken hotels be converted into affordable workforce housing? Hotel rooms that are converted into individual apartments infuse multiple levels of luxury and comfort. This strategy… Read More »How Maxwell Drever is Converting Broken Hotels into Affordable Workforce Housing