The new concept gaining mass appreciation across the world is affordable workforce housing. Governments are also taking necessary measures to ensure better workforce housing for everyone. One section that has particularly benefited from this affordable workforce housing concept of Maxwell Drever is low and middle-class people. As explained by Maxwell Drever, people are unable to meet the high demand for property in the present real estate market. This is why they cannot fulfill their dream of owning a home in the city.
Current Scenario of Housing Market
The situation can be understood better by taking a hypothetical example. We take the example of a physician who requires accommodation within the city limits due to his job requirements. According to Maxwell Drever, houses within the city limits are expensive because there are very few available properties at this price level.
As a result, these properties get sell within a short time even as soon as they get list on the market as there is high demand for them from buyers. In addition, property taxes in these areas also add to their cost and make it difficult for low and middle-class people to own affordable workforce housing in these areas.
Challenges Faced By Affordable Workforce Housing Projects
The idea of converting broken hotels into an affordable workforce sounds excellent in itself, but it also faces many challenges. To begin with, most commonly, people believe that there are no substantial returns with investment in affordable housing projects. However, the truth is quite contradictory as this sector is significantly booming as per government stats. Other challenges face by affordable housing projects are detail here.
- Hard to Explain Concept – Affordable workforce housing projects are not easily explain to the masses. Many people do not even know what a low income is and why they should pay so much for it. Since this concept is newly float among the people, awareness also needs to be creat in the minds of low and middle-class people across the country.
- Commitment From Government – affordable workforce housing projects lacks the government’s necessary support. The government also needs to play its part in encouraging low and middle-class people to invest in this sector as they will not be able to make good returns if they don’t support their hard-earned money here.
- Conversion Process And Infrastructure Development – There are a lot of real estate developers who have converted old hotels and resorts into affordable workforce housing projects. This was mainly to ensure that the physical infrastructure was not lost when they quit the project. However, as said by Maxwell Drever, there still lies a considerable amount of work. That needs to be before any investment can happen in this sector.
People believe that investment in affordable housing will not get them better returns. However, if you go by government estimates, you will see that the sector is fast emerging. Hence, there are multiple opportunities for making money in this line. Moreover, governments have come up with various policies to support private sectors for addressing the issue of low-income individuals.