There is an increase of affordable housing demand in America while the numbers of low-cost housing is declining.
Harvard Joint Center for Housing recently conducted a study which shows that America is facing a critical shortage in affordable rental homes with 21 million people scrambling to find an affordable and decent house to rent and live in.
According to the study, not only the poor people, but the middle class as well are desperately looking for affordable houses to rent.
As of present, over 50% of low-income tenants spend more than 50% of their income to pay rent.
This figure is critical because the supply of affordable and decent home to live is very important to any national economy. It is not good when people spend more than half of what they earn to pay their rent.
A community can’t be successful and sustainable without affordable housing. It will be difficult for employers to hire employees if the workers have no homes to live in. Workers who needs to spend too much on transport to get to where they work; school and other establishment will be financially unstable and will pull the entire community down with him or her.
Government to build more affordable houses
New York Mayor Bill de Blasio understands the magnitude of this situation and aims to address it by adding 200,000 more low-cost houses for the next 10 years, which is also one of the targets of his predecessor Michael Bloomberg.
Construction, however, is very pricey, and one of the main alternatives eyed by most is preserving the old housing establishments.
One of the best examples for how preservation could work is the 887 Franklin St apartments in the Lower East Side in Jacksonville, Florida, which is now a wonderful and affordable place to stay in for families after new owner Ability Housing preserved it for $5 million.