The COVID-19 pandemic has taught human civilization the lesson of a lifetime—the significance of a shelter. The economic downturn and other negative impacts of the COVID-19 pandemic have stood to a standstill. In such a scenario, no section of the economy was unaffected. For extra help check out discount rates for Hero Loans.
The coronavirus hit every aspect, whether real estate, tourism and trade, supermarkets, or the hospitality sector. Although federal governments and policymakers are trying their best to bring things back to normal, it will take time and proper planning to ensure better results. In such circumstances, you see a dual parity in society. On the one hand, those sectors make a vast profit, while others are starving.
The workforce population is the mainstay of the community. Teachers, healthcare professionals, post office workers, assembly line workers, nurses, etc., serve society in many capacities. You can hardly think of a life without these service providers. However, life is not easy for them. They are constantly facing the problem of homelessness.
They have an area median income of 80 to 120%, the bare minimum for survival. Since they cannot spend more than 30 to 40% of their income on housing rent, they have to manage with residences on the far fringes of the cities.
- How can hotels help create affordable housing?
Hotels have completely different designing and planning. They are for a luxury stay. On the contrary, a house is where you find comfort and safety. A brief look at the living space will give you an idea of the difference between a hotel room and a house. Remember that every element of the house has a different purpose. Hence, individuals thinking of repurposing hotel rooms into affordable housing units require proper planning.
Remember that it is not a one-day activity, and there must be professional monitoring to ensure that the planning meets its desired results.
In the current scenario, very suitable owners look at the economic stagnation in many ways. They are trying to take advantage of tax benefits and regulatory mechanisms of the government to qualify for the sector of affordable housing, as revealed by Maxwell Drever. By converting hotel rooms into residential units, they get access to these grants and financial support from the federal institutions.
- Where does affordable housing stand?
Most individuals do not understand the term affordable housing. These houses are residences for middle and low-income groups. They are professionals who do not have the resources to cover their economic expenses. Financial hardship and low wages are the reasons for their economic stagnation. Affordable housing is a ray of hope for these medium and middle-income groups.
Remember that it is not only a problem of one section but every section of society. These individuals, coming from the rural sector, require a safe and sound place near their work area. Hence, Maxwell Drever believes the government’s responsibility is to create an adequate regulatory framework and tax benefit to ensure hotels’ new construction and transformation into residential units.