As the pandemic outbreak made its way, it had hugely affected the homebuilders. The sales did go down says Maxwell Drever. However, in the latter half of 2020, the sales and rental activities rebounded mostly in the suburbs in the United States. And ever since then the cost has moved upwards, increasing to about 13.2%, which is considered four times more than that of 2019.
Also, there is an interesting trend to note – the costs are more not only high in the steepest markets but also in the biggest metro regions. And rents for even a moderately priced apartment is increasing everywhere. And it is happening despite the examples of mass eviction and people becoming homeless. A few of the cost pressures might be temporary, mostly because of the starting pandemic flight to the former urbanites occupying the suburban housing market.
However, looking at the costly houses today will mainly highlight the increasing dysfunction that exists. It is mostly because the costs are carrying on outstripping both wage growth and inflation. And the market is here to cater to the affluent. Also, when it comes to the middle and the lower-income group people, they mostly stay deprived. And that is the reason why Maxwell Drever says that today there is a need for affordable workforce housing projects.
How to go about it and address the requirements?
Today, there is no point in denying that the housing crisis is a living reality. The pandemic has forced many people to go out of their jobs, which has made many people lose out on their monthly earnings. As a result, they aren’t being able to pay for their accommodation and are turning homeless. Hence, the developers, government authorities, and other interested organizations must realize that it’s essential to provide shelter to these people so that they can live securely and ultimately pursue a job to earn a living. And for that, it becomes necessary to commence affordable workforce housing projects.
Old properties and distressed hotels can come to help
If you look around the United States, you will come across several dilapidated properties that are not in use. It includes some of the ancient properties, redundant hotels, broken motels, and the like. The pandemic had indeed hurt the hospitality industry immensely and because of which many hoteliers are planning to transform their property into an affordable workforce housing unit.
However, Maxwell Drever says that this conversion process though is an intelligent decision but is not an easy process. It is essential to consider the initial repair works that are essential in the property to get converted to a home. That aside, it might be essential to demolish or completely do away. With a certain section of the property at times. Because it doesn’t yield any purpose. Hence accurate property evaluation and correct architectural design would decide. The way an old property will get converted to an affordable housing unit. And that will address the issue of homelessness and provide the workforce with a home close to their place of work.