The house you live in is not only a building but a home. A place that nurtures, protects, and shelters its occupants. It supports your professional and personal development and offers you a secure harbor. Affordable housing is an exception here says Maxwell Drever. It is not a luxury but more of a necessity. For years, the workforce population got squeezed between the low wages on the one hand and the high expenses on the other. Since the poor become poorer and the rich get richer, the middle-class population has nowhere to go. The housing rent is multiplying; millions of individuals have come to the verge of homelessness. These individuals are facing a challenging landscape.
Many people spend hours on the streets and travel a long distance to get affordable housing far away from the city. Further, they are unable to get accommodation near their job location. Moreover, the problem is grave for the disabled and the senior individuals who get compelled to live on a fixed income and struggle to get affordable housing.
Significance of affordable housing
Affordable housing has an impact on the quality of life of its residents. It provides financial stability, adequate jobs, better health, population diversity, and security. The effect of this housing on the residence is profound. The community is slowly transforming and trying their luck in different professions. In such a scenario, affordable housing comes as a rescue. Apart from this, it has the following consequences:
• Affordable housing attracts nurses, cops, teachers, firefighters, and others who are into vital service of the community.
• Affordable housing around the job location cuts down on the transportation expenses that these people have to incur every day. Hence, Maxwell Drever shows that it provides them with financial stability and job security.
- Commercial space allows them access to services and products along with employment opportunities.
- Community center gets the residents together, helps them acquire skills and education, and entertainment.
- There are walkable complexes that promote integration among the residents and strengthen the community.
Since affordable housing incorporates these elements, it improves the residence’ life and has an optimistic impact on their surroundings. Further, it empowers them with various tools they may need to succeed and help themselves become productive members of the community.
Crisis of affordable housing
Given the significance of affordable housing all across the globe, there is a shortage of these units. Nearly half of the populations who engage in these services play a chief role in the community. Along with this, they also are constantly struggling to get accommodation that falls within their financial capacity. However, research reveals that multinational corporations and established enterprises are partnering with real estate investors to develop new constructions for affordable housing units, asserts Maxwell Drever.
Moreover, there is a mass conversion of hotel rooms into affordable housing units. These have an optimistic impact on the lives of this susceptible section of the society. These moves are favorable and affect the demographics. Conversion of hotels will help the workforce at large.