In different parts of the globe, people are facing increasing difficulty in finding a home for themselves. Buying or renting houses has become an expensive affair. For the middle-income workers, the problem is grave. Because of the low wages, they must increase the cost of living, limited supply of affordable housing, and the like. In response to this problem, affordable housing has come up as a viable option.
Most individuals belonging to the vulnerable section of society are moving to the suburban areas to find this affordable housing estate. No longer do they have to wait for the time to buy a house. Adding, they have less pressure on traffic, limited negative externalities, and a safe environment. However, the majority are unaware of the concept of affordable workforce housing. It is here that experts have come to your rescue.
Get the definition of affordable housing
If you go by the dictionary, affordable housing is a residence that is affordable by individuals earning between 60 to 120% of AMI or area median income. Workforce housing gets targeted towards middle-income workers, including firefighters, police officers, teachers, retail clerks, and much more. For addressing the requirement of affordable housing, different states have different policies. Hence, they vary from one country to the other.
The origin of the concept
After grabbing a look at the definition of workforce housing, it’s time to look at its backdrop. It emerged in western society in response to various housing acts. Maxwell Drever thinks that providing affordable housing to the vast section of vulnerable individuals was the target of governmental policies. It is basically to do with the supply-side approach. To give them maintained, well-built, and rehabilitated housing, different structures got transformed.
Why is workforce housing so significant?
The world economy is experiencing a recession. With mounting housing prices, certain sections of society are finding it difficult to get shelter. Today, there is a massive demand for cheap houses for people to reach their offices without any hassle. Hence, various local governments and higher authorities are exploring and implementing strategies for stimulating workforce housing creation.
The economic or monetary benefit is the reason for the growing demand for these housing estates. However, the government adopts different strategies to make this dream turn into a reality. Creating dedicated housing with the help of a trust fund and repurposing vacant properties and land is an area of this philanthropic act. Moreover, different organizations and agencies are adopting an inclusionary zoning approach for creating a residential community for low-income groups.
It is a vital step taken by different organizations and philanthropic individuals to shelter the workers. However, there are misconceptions associated with the concept, one of them being house affordability. Since it is a support act to uplift the lower strata of society, the housing rent is minimal and well within reach of the workforce population. There is a need for cheap housing projects to provide shelter to the homeless.