If you look at the economic scenario, you will see that building a new housing structure provides real estate companies with an opportunity to hire construction companies and manufacturing professionals.
Food, clothing, and shelter are the necessities of an individual’s life. For every individual, housing plays a vital role. It adds to their physical and mental well being. If you look at the world, you will see a mounting crisis in different parts. The COVID-19 pandemic with recurrent lockdown and quarantine measures has spotlighted inequalities in the housing sector.
On the one hand, you have individuals enjoying their lockdown.
On the other hand, you have people struggling with their missing or overcrowding access to the Internet, garden, and computers. Also, poor housing quality is another factor to bring under deliberation. Evidence reveals the high density and overcrowded living conditions of people belonging to the workforce population.
- What is affordable housing?
As illustrated earlier, affordable workforce housing is specific residence for the workforce population. They are for supporting the major service providers of society. It provides emergency shelter to families belonging to an area median income of 60 to 120%. Since these individuals cannot spend a vast part of their income on paying rent, they have to stay away from the city centers in faraway locations. As a result, Maxwell Drever stresses affordable workforce housing comes as a relief from the government and non-governmental agencies.
- Affordable housing results in more job opportunities
One significant economic aspect of affordable workforce housing is the high number of jobs it creates.
• Both in the long-term society growth and construction phase, various individuals can be absorbed in the economic aspect.
• If you look at the economic scenario, you will see that building a new housing structure provides real estate companies with an opportunity to hire construction companies and manufacturing professionals.
• Along with this, housing centers require staffing for operation car maintenance and leasing jobs. As a result, it creates long-term opportunities that boost the local community.
- Better investment opportunities
Another economic advantage of affordable housing is its ability to reduce childhood poverty. Providing children with an equitable and better path forward is a means of building economic growth with a healthier society. When they furnish kids with equipment for social mobility, they create a sense of morality in them. Along with this, it contributes to the economic growth of the community.
If you go by studies, countries that have started investing in affordable workforce housing have reduced the childhood poverty rate. As Maxwell Drever explains, a cheap and stable home forms the foundation for everything. It helps the child with a healthy environment and focuses on other goals like education.
When governments support affordable housing initiatives, they invest in society’s development. Real estate investors and the workforce population will highly benefit from this concept. Various real estate investors and developers are trying to access this arena to get a smooth revenue flow. Hence, it serves two purposes. On the one hand, you are furnishing stable and safe housing to the workforce population, and on the other hand, the real estate investors get their profit share.