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The growing trend toward hotel transformation into affordable housing, as explained by Maxwell Drever

Maxwell Drever

Housing policies are a significant issue for national and local governments. It encompasses various overlapping concerns and impacts society at large. People belonging to low and medium-income families do not have adequate resources to rent luxurious apartments says Maxwell Drever. Governments must ensure that every individual has access to decent and affordable places to live because it is one of their fundamental rights.

  • Their area median income falls between 60 to 120%, and thereby they cannot spend more than 30% on paying rent.
  • Hence, the metropolitan areas, cities, and neighborhoods are experiencing a short supply of affordable residential units.
  • In such a scenario, hotel transformation is the only way to maintain the specific community and community ties without displacing the people. 

How do governments define residential units? 

If you go by governmental reports, the definition of affordable housing will differ from one country to the other. These are dwellings for families spending 30% of their income on paying rent. However, Maxwell Drever states that the number varies from one country to another. Generally, these are the low and medium-income families with an area median income of 60 to 120%. Hence, they require dwellings close to their job location not to spend on the regular commute and pay attention to other significant aspects like education, health, and food. 

How can hotel owners make a difference? 

Since the transformation of hotel rooms is a more cost-effective option than undertaking new construction, hotel owners and property owners can make a change. Along with this, introducing specific policies to ensure a better supply of affordable housing units becomes necessary. 

These include the following: 

• Governments may provide cash to medium and low-income families to have enough resources to fulfill their necessities. 

• Governments can increase the supply of dwellings in metropolitan areas in city centers. You can do this by relaxing the restriction on building codes and other zoning protocols. 

• Hotel owners can work with governments and policymakers to engage in a complex transformation and benefit the community.  

Maxwell Drever believes that political activists and governing authorities are interested in employing inclusionary zoning and rent control to address the issue of housing affordability. However, something more is necessary to help the fixed income groups and their access to housing units. 

The way forward to a more lucrative future 

Affordable housing is necessary for the development of society as a whole. It will stimulate the economy and bring more money into the hands of the middle class. By making provisions for inclusionary zoning, governments can do away with strict regulations. 

There must be a smooth supply of data and information from the governmental bodies to ensure statistics filtering. Along with this, governments have to regulate their building policies to ensure that they boost the supply of the residential unit. By considering the zoning protocol and other related jurisdictions, governments can make a difference and ensure the smooth supply of affordable residential units to everyone

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