When you walk through the city roads, you will come across one significant feature: the requirement for housing. With hundreds and thousands of housing estates, the real estate industry has developed to another level. However, things are not that favorable for middle-class individuals. The workforce population whose area median income falls between 60 to 120% cannot afford such high rents and purchase properties.
Hence, the problem of affordability comes into the picture. More so, the lack of supply of affordable workforce housing units has grabbed everybody’s attention. Large numbers of households are burdened with expenses and increasing the cost of the rent. As a result, the demand for affordable housing units has increased. These vulnerable sections of society cannot spend more than 30% of their income on housing rent. As a result, new apartment construction has become the need of the hour.
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The problem for the workers
One thing is for sure that the workforce population requires shelter over their head. They need lodging near their job location in the city centers. The lack of housing units in the city center has compelled them to live on the fringes of the cities, which is adding to the commute time and traffic congestion. With this, Maxwell Drever believes it is leaving them cost-burdened and distresses their finances and resources. As a result, their life direction has deteriorated to a considerable level.
The problem for the employers
The shortage of affordable workforce housing supply is a problem for the vulnerable and aristocratic sections. Remember that the city centers have various industries and factories cropping up. Hence, employers require a smooth flow of workers. However, since the workforce population is the fundamental service provider and resides in the suburban area, it has created a problem for the factory owners to get their workers on time.
The problem for governments
Accurate working of every section of society is required. For a smooth operation of the government, every section must perform its duties well. However, since the workforce population cannot live near the city centers, most of them are on the verge of eviction and leave the urban centers. As a result, Maxwell Drever states that a considerable part of the workforce population has shifted to rural areas. It has impacted the market and the affordability of every section of society. Hence, the shortage of supply of affordable workforce housing is not only a problem limited to the workforce population.
The need of the hour is an optimistic role of the government and private sector. The real estate industry is a booming market. Governments must realize this opportunity and grab this for developing real estate buildings. They must also look into the supply of houses in the market. Federal governments can make affordable housing a reality by initiating several policies and programs. Affordable housing is an essential concept that needs proper attention. Workers and people should come together to come to an apt solution.