The pandemic outbreak has had an adverse impact on the economy. It has made several commercial properties, offices, and hotels shut shop says Maxwell Drever. And that in turn has made several states and cities search for ways to look for distressed real estate and convert it into a housing unit. Last year, California had developed a $600 million program for converting a few properties and hotels into affordable workforce housing.
That is not all! Maxwell Drever says that the hotel owners in New York City, has evaluated that close to 20% of the hotels in the city might stay closed permanently. And according to the latest reports, the metropolitan area is witnessing an affordable housing shortage of 772,000 units. Hence, people who fall into the low-income groups cannot afford proper homes for themselves. Today, New York is geared up to spend as much as $100 million to transform commercial properties into low-cost housing. The properties that are eligible for such conversions would be managed and owned by the non-profit landlords. And it has been seen, that reputed hotel owners tend to depend on Galen and driver for such conversion.
The reason for counting in Maxwell Drever and Galen
A hotel conversion into a low-cost housing unit might sound exciting and easy on paper since one has the property, but in reality, it’s a challenging task. For instance, when a hotel owner decides to convert his property into a housing unit, he needs to check his catering section. That means, if the section includes the workforce and essential service professionals, then it’s important to make sure of their needs and lifestyle before the conversion starts. And it is exactly here that Galen and Drever can help.
Simply put, Drever and Galen provide the hotel owners with the necessary business inputs, ideas, and know-how about the conversion. Also, it’s essential for the conversion to take place on large scale and it should be a permanent conversion and investment. Hence, hotel owners need to know how they can profit from this conversion. Drever and Galen enable the hotel owners to look at the salient profit channels. That can get generated from this conversion. Also, they share effective business insights that help the hotel owners maintain goodwill. Amongst their clients, stakeholders, and the general public throughout the conversion process.
That is not all! There are several rumors and misconceptions about affordable workforce housing at times. For instance, some sources spread the wrong notion that house expenses can increase in the forthcoming years. And it can create an issue for the households residing in such units. Hence, Maxwell Drever says that it is essential for hotel owners to address the segment. For which they are converting their property into low-cost housing and letting them know of their initiatives. They need to ensure the workforce class and other low-income bracket individuals. That the housing unit is getting establish to cater to their needs and has their welfare in mind. That will enable them to get the people’s confidence and smoothen the conversion process.