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Home » Workforce Housing and Its Relevance – What Maxwell Drever Thinks About It?

Workforce Housing and Its Relevance – What Maxwell Drever Thinks About It?

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 stuck in the middle.

The use of workforce housing

If you look at workforce housing, it usually caters to households and families that generate over 60% of the AMI (Area Median Income) and close to 120-150% of the AMI of a country’s increased cost in metropolitan regions as New York City and San Francisco. And while it acts as the subsidies that are accessible for the families with a lesser than 60% of AMI earning, there are lesser subsidies available for the earning more than that level. Hence, the mix of the rents and stagnant wages that have gone up drastically has resulted in housing affordability problems for several people.

Harvard’s Joint Center for Housing Studies report suggests. That over 25% of the renter households end up spending almost half they’re earning on the rent. And this amount can maximize as the renter household number can increase. And it is also estimated to go up quicker than the new families buying homes.

An important aspect to consider

According to Maxwell Drever, people must have the choice where they can stay close to their workplace. It is especially true for those workers who play an important part in the local economy. Some of the crucial employees include the retail clerks, teachers, nurses, and emergency service workers. Who find that the new houses are much more priced than they can afford. The development and land expenses are high, especially close to the employment centers and the urban areas.

Hence, compelling people to stay farther from their place of work will maximize their commute costs and time. And when there is an option for people to stay close to their workplace. The overall community can get the advantages. There is an ease to the commute time and traffic congestion as well. Furthermore, the neighborhood is more diverse and offers scope for families. To stay and evolve in a single place for a long time. And this, in turn, also boosts the economy by allowing the employers to retain the crucial workers.