The medium to low wage earners endures issues of purchase and rent of houses in communities serving the aristocratic section of society says Maxwell Drever. Expensive accommodations have become a recent trend. As a result, the service providers have to live on the far fringes and outskirts of the cities and struggle with transportation challenges. Although you may feel that it is an issue associated with this section of society, a deep analysis into distinct facets will reveal a different story.
The rising housing cost is a concern for local governments, homeowners, employers, etc. It is a problem for the workforce population and nations and communities. Hence, individuals have time to dig deep into these areas and understand the significance of affordable workforce housing.
As is generally believed, the addition of various residents to an area increases the traffic load. However, the truth is different. Travel demand plays a central role in traffic.
- If people have to stay in faraway places, it will only increase their commute time.
- They have to incur daily expenses to drive to their work area.
- The regular commute between office and home will result in traffic jams and environmental effects.
- If you go by studies, Maxwell Drever acknowledges that low-income families will be relocating into suburban areas with poor connectivity and basic amenities. It is thereby a significant factor to bring under deliberation.
Low spending by consumers
Consumer spending plays a vital part in the economy. Since a significant amount of the earnings goes into housing, if any person spends more in this arena, they will have fewer resources for other things. Accommodation, food, and education are significant for human life. Regional and local businesses also endure the issue of a short supply of workforce housing. However, situations may improve if people work together.
The increasing role of the private and public sector
From local stores to the federal government, expensive house prices are a significant concern for every individual. Both the sectors depend on laborers and contract workers who get low wages for different jobs like maintenance, security, room cleaning service, servers, etc. At the same time, wealthy households require maids, gardeners, and babysitters. These individuals form an integral part of the economy. Everybody needs a comfortable and secure place to inhabit. However, the scarcity of residential units in the job location is a concern.
What is required is a joint endeavor of the private and public sectors that will provide employment opportunities to the younger lot and solve this eviction issue. Experts like Maxwell Drever believe that investment in affordable workforce housing gives the economy a much-needed boost. It will increase the revenues from the properties and create a community feeling in society. Hence, governments can procure better taxes from this sector and use the same in the infrastructural building. Affordable housing is becoming a crucial concept, and society needs to function towards it.