Today, most affordable workforce housing projects got commenced for people who occupy the space between actual lavish housing and the low-cost housing systems. So, when you think about the workforce, the earnings are not sufficient for the families as a huge part of their earnings get spent in covering the accommodation cost. Hence, you are letting a huge part of your living costs get neglected. And when you look at the housing sector amidst the pandemic outbreak, you will find that the revenues have declined recently. And that has placed the families at risk and made them become homeless. Hence, low-income families can’t opt-in for lavish housing. And therefore, there is an acute need for affordable housing units for the workforce and low-income families.
The essential factors to consider
Maxwell Drever says that today, there is a vast gap that has been created between lavish housing and workforce housing. However, the sudden pandemic outbreak creates the scope for vacant properties and broken hotels to get transformed into low-cost housing systems for low-income families and the workforce to ensure improved communities and various other advantages.
The pandemic outbreak has rendered the broken hotels and the motels completely redundant. And hence, it has resulted in the excellent opportunity to convert these properties into affordable housing units. The pandemic outbreak resulted in increasing hotel vacancies. And here, the hotel owners had join hands with non-profits, real estate communities, and other authorities to address the issue of housing crisis and provide low-cost accommodation units for the workforce.
Today, the local authorities can respond better to the housing policies and also have access to better funds for using the same for the mass conversion of the broken hotels into housing units. It seems like an aggressive approach, but it will provide an abode for people who really need it.
Why is it essential to convert the broken hotels to affordable housing units?
If you look at it from a holistic view, the broken hotels and the vacant properties don’t have adequate use. It doesn’t have any service currently and comes with a vast space that can be put to good use to resolve the housing crisis. Also, the pandemic outbreak has made it uncertain for the owners of vacant hotels and abandoned properties as to when to get these properties to profitable use again.
Here, Maxwell Drever says the owners find it lucrative to convert the existing property to an affordable housing space by partnering with a developer, non-profit, and real estate organizations. It allows the property to get a new life and be of service to the people who are in need of it. For some famous brands, it also acts as a corporate social responsibility initiative that can add more value and reputation.
Hence, many broken hotels and vacant properties across the entire United States are getting converted to affordable housing units for low-income families. It will also address the need of the workforce and the people who are homeless.