The growing culture of concrete buildings is a global phenomenon. All across the globe, you will see the real estate industry booming says Maxwell Drever . Since there are multiple housing estates, the real estate market has gone to the next level. However, things are different for middle-class families. These workforce individuals who serve society in multiple categories and service providers have area median income between 60 to 120%.
Hence, they cannot pay high rent or purchase properties. What is essential is to understand the gap between the demand and supply of affordable residential units. Things are not that positive for the workforce population. It is because of the lack of supply of affordable workforce housing.
Along with this, what is essential is to understand the financial burden of these individuals. The increasing cost of rent, transportation, and other essentials adds to their economic turmoil. These vulnerable sections of society are hard-pressed by the short supply of residential units. It has gained worldwide attention.
How are the workers affected?
Like every other individual, the workforce population also requires shelter. More so, they need lodging near their job location. They come away from far-flung areas into the urban sector searching for a job. Hence, Maxwell Drever reveals getting apartments near the industrial hub is like a feather on a cap. However, since there is a short supply of residential units in the city centers, they have to move to the peripheral areas. It adds to the commute time along with expenses. It also increases traffic congestion and leaves them with meager resources and finances. As a result of this, their life is deteriorating.
The employer’s misery
You may be thinking that the shortage of affordable housing units is only a problem for the workforce. However, it is not so. Remember, there’s a short supply of residential units in the city centers. These city centers are close to industrial locations. Hence, these employers need workers in and around their industrial units. However, since the workforce lives far away from the city centers, it has resulted in a problem for employers to grab workers in close vicinity. It is thereby creating problems for employers and factory owners.
The issues for the government
The government requires every section to work appropriately because they contribute to society in several roles. For an effortless operation of the state, every person must work in their capacity. However, since the medium-income families live away from the city centers, Maxwell Drever says they cannot cope with the fear of eviction and insecurity of jobs. As a result, most of these individuals leave the urban centers and go away to the rural sector. Hence, there is a shortage of workforce in the urban sector.
Since the real estate industry is booming, governments must come forward to understand this opportunity. They have to grab this scenario to help real estate industries develop. An alliance between the public and private sectors becomes necessary. With this, you can realize the dream of a smooth supply of residential units.