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 use because that will increase the availability of residential units in the city center. If you look at high-density locations, you will see that more projects must be underway.
Proper implementation
Only drawing the plan is not the end of the game. The final step is to implement measures for discouraging landholding by imposing high-quality land-use policies to start the development process. For expanding the affordable housing supply, Maxwell Drever describes, an efficient and cohesive construction policy is mandatory. In this regard, the role of the housing construction market is significant. They can take advantage of the resources and also grants of the government and realize this dream of affordable workforce housing.
Standardization of design elements
If you want to ensure that the workforce population of your country gets a respectable and safe residence then the government must come forward with the best approaches possible. Further, the alliance between the public and private sectors with an industrial policy must be well established. By improving the design elements like flooring, fixtures, and heights, construction companies may increase productivity and cut costs.
Maintenance and operations
However, Only construction of residential units is not enough. The responsibility lies on the landlords and real estate players, from building to repairing cracks. It amounts to 30% of the cost of the residential units. These steps will ensure a better future. Both public and private sectors need to join hands and work together. That will rectify this issue and promise a better outcome. They must consider energy efficiency, insulation, regular inspection, and repair.
Affordable housing is a remarkable concept that society needs to achieve.