It is quite possible that our nation’s next economic downturn will expose a serious inability to care for those most vulnerable and lead to mass homelessness says Maxwell Drever. A December 2020 three-part survey demonstrated that increased homeownership is not a fix. Firstly, the survey revealed that just 38% of its non-homeowner respondents had enough cash on hand to make a modest down payment if they were so inclined to purchase a home. Next, it found that 32% of the respondents had poor credit (or no credit at all). The remaining participants, representing 30% of the survey, simply had no interest in owning a home.
Affordable Workforce Housing is a realistic solution.
This issue above has more to do with affordability than any other fact. Given this reality, there is a platform that addresses this problem. We’ve asked one of its creators, the legendary impact real estate investor Maxwell Drever to explain. “During the pandemic, hotel occupancies cratered. This fact forced many to close. And also Owners of these properties came to believe that their single-use buildings had become worthless. So Companies like mine entered the picture with a realistic plan that assigned value to their empty hotels. We provided, and continue to provide owners with the means to sell their properties for far more than they had expected”.
Maxwell builds resort-like Affordable Workforce Housing spaces.
Converting a broken hotel into an Affordable Workforce Housing Space is a specialty that only those with prior experience should undertake. However, Maxwell’s conversions are truly restorations, with the end result and the end result being resort-like space.
Here is a broad description of what happens during a broken hotel to affordable workforce housing conversion:
- The hotel rooms are converting into apartments
- The lobby is converting into a common meeting area
- The hotel pool is redesigning and re-opened as a pool/spa
- The workout room is converting into a full gym
- Other options are added based on the unique amenities each hotel offers
With monthly rents starting at $500-$700 and with no federal government support needed, broken hotel to affordable workforce housing conversions solves a vexing problem, which is the fact that more people than ever spend far in excess of the recommended maximum of 30% of total income on housing costs. This trend is dangerous and non-sustainable. Also, Affordable workforce housing problems provide the means to keep costs under 30% and fix the problem.
The financial realities of the day have forced many to forget the “American dream” of working hard, living in comfortable surroundings, raising kids, and also securing enough funds to retire. Programs like Maxwell’s have the ability to reverse this trend.