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Maxwell Drever – Check all the latest post from Maxwell Drever here. In this blog you information about affordable workforce housing developments throughout the USA.

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The affordable housing crisis and its challenges, as exposed by Maxwell Drever 

A shortage of affordable housing for the workforce is a significant crisis explains Maxwell Drever . To tackle the problem, it needs to be addressed by measuring the problem, then analyzing the underlying reasons, and at the last step discussing solutions with policymakers that would also benefit the investors along with the workforce.  Understanding and calculating the number of unaffordable housing units means recognizing the meaning of affordability.  The housing crisis can get triggered through income as a potential cause Households with individuals belonging to the working class in unaffordable housing units are an alarming factor to encourage policymakers to examine income as a potential reason behind the affordable housing crisis. For most households, housing remains to be a significant expenditure. However, households with higher incomes spend fewer portions of their earnings on housing than those with low incomes.  Government Regulation is another primary reason behind the housing crisis  With investments from the private sector, the housing market creates affordable housing for the workforce and can potentially do so further. The creation of affordable housing units goes through a process of filtering. In this process, when the quality of housing units drops, their relative cost falls instead of following a method of constructing affordable newer units.   Even though the private sector has the potential to meet the standards of affordability by providing housing units, the effectiveness… Read More »The affordable housing crisis and its challenges, as exposed by Maxwell Drever 

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The affordable housing crisis affects every section of society, as analyzed by Maxwell Drever

Providing affordable, decent housing is a mounting challenge in developed and developing economies says Maxwell Drever. Since the demand exceeds the supply, it affects productivity, growth, and mobility in the economy. Fortunately, there are means of narrowing the gap between demand and supply. If you look at the market-based approach, you will see that various municipal corporations have come forward to solve this issue of eviction.  Who makes the workforce population?  The workforce population is moderate, and low-income households live in low-quality housing estates. They get financially burdened by education, healthcare, and housing payment. By 2025, the figures are exceeding more than 440 million households. Hence, 1/3 of the urban population constitutes the workforce group.  Why is the affordable housing crisis affecting everybody?  Replacement of substandard housing and construction of additional units require a smooth flow of funds. The workforce housing issue is a problem for the workforce population and the government in general. Hence, investment in these projects is the responsibility of federal governing authorities. It will reduce the cost of housing and increase the housing supply by 50%. Hence, the workforce-housing crisis is also an issue for employers. These individuals who are the owners of means of production face challenges in getting on-time service from laborers. The workforce population has to stay far away from the urban centers in the suburban location.  Is… Read More »The affordable housing crisis affects every section of society, as analyzed by Maxwell Drever

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Affordable housing and economic up-gradation, a Maxwell Drever exploration

Affordable housing is a subject misunderstood by citizens. Misconceptions and myths about cheap housing development hinges on fear of negative stereotypes, changes it brings about, and property values says Maxwell Drever. However, these do not have any basis. The truth is far from this. In reality, affordable workforce housing provides a stable and secure residence to individuals belonging to low and medium-income families. However, the supply of affordable housing is lagging. Affordable housing is a growing requirement for economies because it can take the economy to a level you can never even imagine. It is not only a housing solution but also a significant part of the economic operation.  Money for local communities An obvious advantage of affordable housing is that it provides money for local communities. For most individuals, rent is a significant expense that they cannot afford. When income losses threaten their economic stability, there is likelihood that they cannot spend money on other aspects like housing, education, food, etc.; these get compromised in this situation. It is here that affordable housing comes to the rescue.  Lower eviction rate Remember that affordable workforce housing includes a significant part of the community. Approximately 8,000,000 families live in apartments and rental homes. They form ¼ of the population. Families that do not have to spend on housing can look at other areas like childcare, medicine,… Read More »Affordable housing and economic up-gradation, a Maxwell Drever exploration

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Strategies for implementing the concept of workforce housing, as propounded by Maxwell Drever

Various cities and towns of the western world are witnessing an issue of affordable housing explains Maxwell Drever. The impact is far-reaching for individuals residing in the urban neighborhood and thereby facing the problem of homelessness. Today, the increase in housing costs and other expenses make life hard for the workforce population. Rental housing demand is mounting amongst families at every level. The low-income renters got forced to pay a vast chunk of their income to meet housing requirements. Hence, the vulnerable section of society requires governmental and community support to ensure a stable and satisfying life.  Means to deliver affordable housing Housing plans develop through methods comprising different stakeholders while promoting regional collaborations. The group encompasses city partners and representatives that may offer clarity regarding the housing market. Moreover, Maxwell Drever says it may help the local planning commission and city councils recognize essential priorities and actionable solutions during a specific period.  •    Using different tools: Since you know that housing markets are not created equal, city leaders have to use various housing strategies and tools like tax credits, incentive programs, and zoning regulations to cater to the economic aspect of the city. These tools may reduce the cost of affordable housing projects in low-income neighborhoods.  •    Relation between workforce development program and affordable housing: Cities will take advantage when traveling between employment opportunities and affordable housing… Read More »Strategies for implementing the concept of workforce housing, as propounded by Maxwell Drever

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Workforce residences from hotel rooms the way Maxwell Drever investigates

A brief look at the western world will reveal that different countries continue to deal with the COVID-19 crisis and the post-pandemic scenario. Of all the sections affected by the worldwide pandemic, the low and medium-income families are the worst hit. These individuals with an area median income of 60 to 120% rely upon affordable housing for their shelter says Maxwell Drever. Affordable workforce housing comes as a solution to the city’s current housing crisis. The workforce population cannot spend more than 30% of their earnings on paying rent. The basic premise is compelling. Remember that the COVID-19 pandemic has forced the shutdown of various commercial establishments.  Hence, the hospitality sector is also worst affected. In these strenuous times, the transformation of hotel rooms into residential units to cater to tourism, including business travel and international travel, has grabbed proper attention. These hotel rooms help supply temporary shelter to the workforce population in the city centers.  The western hotel Industry is transforming   A brief look at the hotel industry will reveal the COVID-19 pandemic has had economic fallout. Since March 2020, more than 700 hotels and 1,27,000 hotel rooms have gone unoccupied in the western cities. These numbers are enough to surprise individuals. Thus, Maxwell Drever holds that to ensure better business operation, the creation of quasi-residential apartments and affordable workforce housing from hotel rooms has become… Read More »Workforce residences from hotel rooms the way Maxwell Drever investigates

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Why affordable workforce housing has emerged as a concern for both employers and employees, as per Maxwell Drever reports

Housing consumes a vast share of the employee income compared to 20 years ago explains Maxwell Drever. The increasing strict state and local regulations and the declining supply of housing units are responsible for this. More so, eligible households are not even receiving Federal Housing grants, which leave them in a mess. Hence, they cannot cover transportation, healthcare, food, and other essential costs.  Housing affordability has thereby emerged as a significant issue drawing substantial attention. If you look at recent reports, you will see how drastically the problem has enveloped every section of society. To address the issue, every individual must come forward and delve deep into the cause of housing costs and housing shortage.  Explore the issue?  Housing affordability gets measured in terms of the income spent on a mortgage payment and monthly rent. Along with this, there are other points to explore.  • Based on the housing department’s definition, any individual spending more than 30% of income on housing rent is considered cost-burdened.  • Households spending more than 50% of their income on paying rent are considered severely burdened.  These households who devote a vast share of their income to paying housing rent do not have enough aid to cover their cost of healthcare, food, and transportation. At the same time, any family or individual with a low income may counter challenges. Yet, Maxwell… Read More »Why affordable workforce housing has emerged as a concern for both employers and employees, as per Maxwell Drever reports

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Unfolding the concept of affordable housing to avoid housing crisis the way Maxwell Drever explains

When thinking about affordable housing, most individuals think about the role of government at different stages in curbing this issue of homelessness. However, the responsibility does not lie on the government singlehandedly. Both government and non-governmental institutions have to come forward to deter this affordability issue says Maxwell Drever.  State and local governments are trying their best to prevent the problem from taking a global stance. However, the reality is far from this. The results are predictable. Housing prices, inflation rate, and restrictions on new constructions are rising. Amidst all these, a modest home is far from reality. As a result, governments are suffering to provide shelter to homeless individuals.  The dark side of restriction Various economists have studied how housing and construction restrictions obstruct the real estate industry. Several methods can separate the effect of scarce land from building protocols. One cruel thing that came to the forefront is the reality that one person has more land than the other, leading to the crisis, believes Maxwell Drever. Land scarcity is a crucial factor to bring under consideration.  The need of the hour is a proactive role of the government to address this issue and identify the underlying cause. As already mentioned, the worldwide pandemic is responsible for the hardship of the workforce population. Hence, a proper approach between the government and non-governmental organizations is necessary… Read More »Unfolding the concept of affordable housing to avoid housing crisis the way Maxwell Drever explains

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The link between judicious use of resources and affordable housing to overcome housing crisis, a Maxwell Drever summary

Providing affordable housing has become a challenge in developed and developing nations explains Maxwell Drever. Since the demand for workforce housing exceeds the supply, it affects this sector’s productivity, growth, and mobility. Fortunately, there are directions for narrowing the affordable housing gap and using a market-based approach at different levels.  Across the globe, 3 30,000,000 moderate and low-income households live in substandard residences.  By 2025, the figure will exceed 4 40,000,000.  1/3 of the world population will be compelled to live in suburban areas.  Urban streets, cities, and municipal areas will be overcrowded with a workforce population.  Substantial buildings and housing provisions Replacing the current substantial building and housing would require an investment of more than 16 trillion in cash. It is a daunting figure that will only increase. However, Maxwell Drever expresses that there are a few ways of reducing the housing cost and expanding the delivery by 50%.  Efficient land use is the first step. Acquisition of land in the correct location and also at a reasonable rate can potentially cut the housing cost. Only acquisition of the field is not the end of the game.  Location plays a vital role in both developed and developing countries. Easy access to water, sanitation, electricity, and also transport is inevitable. Investment in the area would expand and improve land use.  Cities must loosen their restriction on land… Read More »The link between judicious use of resources and affordable housing to overcome housing crisis, a Maxwell Drever summary

Who Is Maxwell Drever

For five decades, Maxwell Drever has served as the Chairman of Drever Capital Management, a firm that invests in workforce housing and other real estate projects. He has been and is one of the greatest contrarian impact real estate investors in the world. Up till now, Maxwell has repositioned more than 42,000 multi-family apartments. His motto is “doing well by doing good,” which seems apt based on his work. His socially responsible investments help generate risk-adjusted returns that convince investors to dip a toe into his world. Maxwell Drever has redeveloped underperforming, multi-family properties for the workforce in an environmentally conscious manner. In 1970, he began investing in Seattle and transformed 17 complexes into beautiful apartments for families having workforce incomes. Previously, Maxwell Drever worked at Drever Partners and was considered one of the largest buyers in multi-family housing projects with 180,000 units. In 1997, these assets were combined into Walden Residential Properties. He then created Concierge Asset Management that combined Crossbeam Capital. The venture then focused on acquiring distressed multi-family projects. Today, this company owns as well as manages around 8,000 residential units. Maxwell has a bachelor’s degree in Finance, which he has done from the University of Illinois. He has a philanthropic passion, which is about assisting the education and health of underserved youth, along with spreading awareness regarding eldercare health issues. He… Read More »Who Is Maxwell Drever

How Affordable Workforce Housing Is Helping Exhausted Employees

Maxwell Drever, the Founder, and Chairman of DCM say Workforce housing is taking many communities by storm. It is quickly becoming one of the most popular affordable housing options for workers. In case you don’t know what workforce housing is, here’s its literal definition: The National Association of Realtors (NAR) defines workforce housing as: “Housing that is affordable to households earning between 60% and 120% of the area median income.” So, how much does one need to earn to be eligible for workforce housing? Take a look at the following chart and find your range: Workforce Housing Ranges Household Members 0 – 50% 50% – 80% MFI (100%) 80% – 120% 120% – 200% 1 $40,460 $64,736 $80,920 $97,104 $161,840 2 $46,240 $73,984 $92,480 $110,976 $184,960 3 $52,020 $83,232 $104,040 $124,848 $208,080 4 $57,800 $92,480 $115,600 $138,720 $231,200 5 $62,424 $99,878 $124,848 $149,818 $249,696 6 $67,048 $107,277 $134,096 $160,915 $268,192 7 $71,672 $114,675 $143,344 $172,013 $286,688 8 $76,296 $184,960 $152,592 $277,440 $462,400 Net Asset Limits $115,600 $184,960   $277,440 $462,400 Maxwell Drever As you can see, the household income is based on the number of family members. The Median Family Income (MFI) range shows that a family consisting of just one member earns $80,920, making them 100% eligible for workforce housing. Benefits of Workforce Housing for Exhausted Employees As the name says, workforce housing is… Read More »How Affordable Workforce Housing Is Helping Exhausted Employees