The country is in the midst of a housing crisis, both in terms of availability and affordability. The situation has multiplied in the post-pandemic age. The current housing supply is insufficient to meet growing demands. It is high time for the authority to consider possible solutions to this situation. Although steps have been taken, more must be done to address the housing shortage. In this post, we’ll look at some of the viewsof Maxwell Drever on changing the current situation.
Lowering the cost of construction by rezoning and removing regulatory constraints
Regulatory hurdles (at the municipal, state, and national levels) should be minimized or removed to address the housing affordability crisis and allow for the construction of new buildings or apartments. From time to time, new initiatives are being launched, though. One such instance is the automation of the legality of the planning code. Since its launch, many people have taken advantage of it to know the likely outcomes in a specific jurisdiction. There is no need to go through the torture of processing for weeks or months any longer.
As a solution, many states have started rezoning places. The authorities are allowing up to three units on single-family home property. As a result, the housing capacity has been raised threefold.
Boosting productivity by adopting innovations
According to Maxwell Drever, embracing new technologies can be quite beneficial in enhancing the productivity of house construction. When there’s a rise in productivity, the time span automatically comes down. Thus, the construction cost reduces significantly. Errors become less. It is advantageous in every manner.
Many states in the USA have embraced new ways of building multifamily housing projects. Due to this initiative, it has been possible to control, manage, and predict multifamily development.
Providing adequate financial aid to tenants
Renters, particularly those from minority and low-income groups, have numerous challenges in obtaining financial aid. Rent payment solutions have surfaced that allow renters to budget their costs, save for their future, and ensure that their rent payment takes place on time.
Assisting renters to improve their credit scores to gain homeownership
Credit reports hardly include rent payments. But for many, it is the most consistent payment they make throughout tenure. Rental data reporting services can make credit reports based on the payments of the renters and make them available to property managers, public housing authorities, or directly to landlords. Rent payment data can help in establishing creditworthiness, lowering the cost of capital considerably for a tenant who becomes a homeowner.
Using land or space that already exists
Utilizing existing land or space can solve the escalating home affordability problem. The Accessory Dwelling Units (ADUs) have emerged and are being built on existing homes. Many students are looking for places to live. However, due to a lack of funds, they are unable to rent an entire flat. Various apps have sprung up to find a probable solution to these problems by allowing students to connect with house owners keen on renting out a room in their homes.
Conclusion
The crisis is no longer an issue that has time to be addressed and solved by debating. The emphasis should be on identifying likely solutions. The problem is being tackled at the grassroots level at this point. However, it is still far from being settled.
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