Maxwell Drever

The rising housing costs and stagnant incomes combined make American working families financially burdened says Maxwell Drever. A large population in the moderate to a middle-income segment already spends more than 30% of their annual income on rent. Affordability issues were always prevalent among the low-income groups. However, moderate to middle-income families are also suffering. They cannot move closer to the job center in the city due to expensive monthly housing expenses. If these people find decent dwellings in the communities they serve, their children can get a better education and earn well when they grow up. Unfortunately, many neighborhoods have affordability problems. These people live on the city outskirts, which drain them of their money and time. As a result, they have no other option than to travel long distances every day to reach their workplace. There is an urgent need to meet their affordable housing needs to help them and the communities. Residential workforce units can remove the main concerns of their lives. But this demands reforms and innovative thinking, says Maxwell Drever. Solutions for faster delivery of affordable workforce housing The entire land acquisition and development process can be time-consuming. Hence, these working-class people would have to wait longer to see an end to everyday battles. However, the idea of transforming existing and unused assets like hotels that are worst-hit by the… Read More »Things to Implement to Speed up Affordable Workforce Housing Delivery- A Highlight byMaxwell Drever

The middle-income working class, including teachers and firefighters, has been away from the housing equation for a long time says Maxwell Drever. However, the pandemic and the increasing threat of homelessness have made it a hot discussion, even though it was always an issue. Everyone had a reality check during the lockdowns that forced people to stay in their homes. At that time, the integral role of these people in society came to the forefront. Many cities don’t have adequate workforce housing units to provide shelter to people, making 80% to 120% of the area’s average income. There are various reasons for this, such as expensive land and construction cost, regulations, etc. Expert thinkers and industry experts like Maxwell Drever bring attention to solutions that can help check this scenario. An insight into things that can change the affordable housing scene Government intervention is one critical aspect. Usually, state and local bodies offer housing subsidies and tax credits for the low-income population. But tax receipts considerably took a hit after the pandemic. Private players can be an efficient addition. Low and middle-income houses don’t attract them due to low values and rent. They cannot justify returns. But government subsidies, such as tax relief or favorable property taxes, can give them something to start with and implement. Even easing zoning and building codes can be helpful… Read More »The Solutions to the Affordable Housing Crisis for the Working Class- A Note by Maxwell Drever

Increasing interest in hotel conversions into rental housing properties indicates the pandemic-led effect on the American realty market. Investors are looking to acquire foreclosed or rundown properties at lower prices says Maxwell Drever. At the same time, they want to tap into the persistently rising demand for affordable housing for families with 60% to 120% of the area median income (AMI). Nearly 19.66% of hotels couldn’t clear their debt in 2020, which was higher by 1.52% from the previous year. Before the pandemic, hotel construction projects had flooded some cities, creating a room glut. While most of them benefitted in the usual conditions, prolonged travel restrictions and stay-in-home orders changed the entire game for a large section of them. On the other hand, the shortage of affordable housing pushed financially constrained low to median-income households into the risk of homelessness. These people already struggle to save money as they spend more than 30% of their income on accommodation compelled by the lack of good options. People from housing sectors like Maxwell Drever analyzed situations and came up with an innovative idea to solve the crisis. They spread awareness around converting closed or rundown city hotels into affordable housing. But what led them to this? The everyday challenges of middle class working families Police officers, firefighters, teachers, retail clerks, and others form an integral part of… Read More »The Rise of the Affordable Housing Sector forthe Cost-Burdened Families- A View By Maxwell Drever

Have you surveyed the housing scene and hotel industry performance in the United States? If yes, you will read about several hotels that are getting converted into low-cost apartments for the workforce population says Maxwell Drever. The process is taking place now and has also been happening before the pandemic. As the pandemic adversely impacted the New York hotel industry in 2020, the developers, politicians, and homeless services group reached a rare decision. Currently, it’s a once-in-a-lifetime situation to transform the struggling and distressed hotels into low-cost accommodation spaces for the workforce population and the people who are homeless. California also witnessed a similar situation at the time of the pandemic. Here, the government agencies have assisted in converting approximately 120 sites, most of which are hotels to 5,911 housing units. And most of these units are acting as a permanent housing space for the low-earning renters and the homeless population. Maxwell Drever says that this act often gets stirr from a philanthropic mindset. However, for some hotel owners, this act generates from arriving at a practical decision to put their broken and unused hotels into operation. Is this process beneficial? The process of hotel conversions will especially benefit the people who are searching for workforce housing. It is outline as housing for families who earn between 60% and 120% of the AMI. And this… Read More »More Hotels are Getting Converted into Affordable Workforce Housing – Maxwell Drever Shares His Views

Today, the lack of affordable housing is an issue that is increasing all across the United States. It is expanding in various degrees and has very less space for sustainable solutions explains Maxwell Drever. However, several advocates and politicians are trying to pave the path for real solutions that can bring-in long-term outcomes. Various cities in the United States have embraced distinctive programs for resolving the housing issue, but the efforts are futile in most cases. Also, the advanced and innovative ideas are bold for executing, and people cannot have a clear understanding of the advantages in the long-run. Maxwell Drever says that a housing crisis can be broken down into various categories. And one of the popular, ones is the issue of affordable housing. It can come up with factors like housing bubbles, unregulated rent costs, and subsequent inflation, for instance, what we witnessed during the pandemic. A few other issues also comprise of the natural disaster crisis and the homeless population. Hence, all these make it challenging for people to invest in the affordable workforce segment. It’s because there is mixed view about this domain. The factors to consider for investment Since today a section of the real estate market gets impacted by the affordable workforce housing segment, one can say that investing in this domain will not lead to a loss. Reports… Read More »Maxwell Drever Touches Upon the Challenges That Exists in Investing in Low-Cost Workforce Housing Projects

The affordable housing crisis in the United States have been present before the pandemic outbreak. It got aggravated due to the pandemic says Maxwell Drever. It is noticed that people arrive at the cities trying to search for job scopes and better living conditions. Most of the cities in the United States fall under the compulsion to house the citizens earning a low income through public or social housing. However, the low-to-middle earning families usually need to count on the market-based processes for accessing affordable homes. It requires the cities to have access to investor and public confidence via effective governance and regulatory initiatives. The common concerns for housing affordability Maxwell Drever shares some of the standard challenges in the matter of affordable housing. They are: The housing expenses are increasing disproportionately to the family incomes. It is a growing concern for the low-income households in cities that has insufficient supply of public and social housing. For instance, in San Francisco, it’s seen that the poorest 5% earns about $650 monthly and the bottom 5% rental rates are close to $1500 monthly. The supply of affordable housing fails to cater to the demand. With the restricted incentives for the private sector to come up with reasonable housing. There is land shortage for affordable housing. It is usually due to the absence of alignment amongst the… Read More »Maxwell Drever Says There are Innovative Ways to Provide a Solution for the Affordable Housing Crisis

The sudden pandemic outbreak has altered the way we live today. It has adversely impacted the global economy, the employment status of people globally, and major industry verticals says Maxwell Drever. The hotel industry’s fate has changed to a huge extent because of the pandemic. Even though it’s true that the hotels that had incurred ample loss at the face of the pandemic outbreak is getting back into operation, due to the traveling revival and vaccination campaigns, a massive chunk of hotels are still dealing with losses. And the only hope to the desolate future of these hotels. Is to find a way to use the property fruitfully. And here, the obvious option is to get it converted into a low-cost housing system. So that it can act as a shelter for the workforce population. The best practices to consider However, just because a hotel is not in use and incurring losses doesn’t mean. It qualifies as a potential asset to be converted into an affordable workforce housing unit. Maxwell Drever says there are ways to evaluate this. And some of the practices that can help at arriving at the best decision are: Check if the rewards are more than the risk There is always a risk involved when you are converting hotels to put it into an alternative use. Hence, it is necessary to… Read More »Is a Hotel Fit to Get Converted into an Affordable Workforce Housing? Maxwell Drever Highlights the Best Practices

Everyone knows about the adverse impact of the pandemic outbreak on the world says Maxwell Drever. It has resulted in mass infections and caused several deaths. It has also given a big hit to the commerce, economy, and global business domain. However, it is essential not to admit failure at the face of this crisis and to arrive at a solution to some of the potent crisis that the pandemic gave birth to. The housing crisis in the United States is not an outcome of the pandemic. However, it certainly got worsened by it. Due to the pandemic, people lost their job and the chance to earn, which made them move away from their houses in urban locations and shift to shoddy homes in remote areas. That aside, some people have been compelled to sleep on the streets as well. Similarly, the hotel industry was also negatively impacted because of the pandemic. Since there was a reduction in global travel, hotels across the United States have been witnessing low to zero occupancies, resulting in an immense loss. Fortunately, the global vaccination drive and the advent of the booster dose have provided some relief to the hotel industry. Some hotel properties are back in action, and they hope to revive better in the next two to three years. But certain hotel branches don’t have a scope… Read More »How to Convert a Broken Hotel to a Low-Cost Housing Unit for the Workforce Population? Insights by Maxwell Drever

When the hotel industry has taken a beating, and the concerns over the short supply of affordable housing for the middle working class are rife, the idea of converting hotels and motels into housing units seems exciting says Maxwell Drever. There are practical reasons for such consideration. The cost of modifying the existing structure tends to be lower than new construction. Plus, hotels enjoy strategic locations in and around cities, increasing accessibility to healthcare clinics, schools, etc. The workforce group, including young professionals, firefighters, teachers, and others, can benefit because of the affordable rents. If you are aware, workforce housing caters to families that earn about 60 to 120% of median income relevant for the area. Hotel rooms can efficiently change into smaller apartments of 300 to 500 sq ft. It will be a fantastic situation for working populations as they can rent homes closer to their job centers. On the other hand, hotel owners will witness revenue revival. However, you cannot straight start with the development process. You have to be sure that a specific hotel is worth converting. For this, you have to consider multiple factors. Building code and construction rules You cannot transform all the buildings unless they are suitable for construction. In this, you need to understand whether the existing asset requires minor or major renovation. You also have to know… Read More »Maxwell Drever: How Should You Evaluate a Hotel for Affordable Workforce Housing Opportunities?

As an immediate outcome of the housing crisis, very few people were purchasing homes. Also, the percentage of renters has gone up, more so amongst the young people who require affordable houses says Maxwell Drever. The new construction gets concentrated on the purchasers in the costly markets. And the amount of “starter houses” and the purchasers searching for them is declining. The “ownership-to-rental” equilibrium is moving back to the logical percentages to the earlier days of the housing bubble. Additionally, the requirement for low-cost workforce housing is maximizing as the cultural patterns and the demographics shift. Maxwell Drever says that the affordable workforce housing comprises low-cost, practical houses that enable people working in the neighborhood to stay close by, even if it seems to be priced out. Even though reduced earning, subsidized housing usually gets teamed together with workforce housing units, there are different amounts of subsidies in the workforce housing segment. One of the essential things include community buy-in Since there are problems with site design and planning, there is a need to correct know-how and creativity. Usually, a section of grant funding structure and tax credit needs a buy-in from the community. The ideal way to attain this is to put the groundwork for receptivity. It’s also essential to move ahead of rumors and educate people about the projects to avoid falling for… Read More »Maxwell Drever Highlights the Ways to Effectively Provide Affordable Workforce Housing