William Schantz's Tips to Solve Affordable Housing Crisis
Today, the United States faces a major affordable housing crisis. There is a great demand for affordable housing and not enough supply of affordable rental accommodations. It can be said that housing is ‘affordable’ if it takes less than 30% of your entire income. Almost 43 million renters in the United States spend more than 20% of their monthly income on rent.
Many low-income households are spending more than half their income just on rent. The lack of affordable renting is highly detrimental to communities. It places stress on health care, food stability, and social stability. Affordable housing not close to the job centres is also harmful as it causes a negative environmental impact and exacerbates traffic. William Schantz has suggested some tips on how this affordable housing crisis can be resolved.
William Schantz’s Affordable Housing Tips
- Removing federal, state, and local regulations for home builders can help by making it easier to construct new houses and apartments. It will also give people more housing options that are affordable.
- Technology can build homes faster and at lower costs. Modular housing is a great innovation. Modular houses are assembled in factories, so home builders have an easier time assembling them. This is also a faster procedure compared to traditionally built homes.
- Various creative financing options can also help people with housing as it can make acquiring home loans easier, resulting in more home renters or owners.
- Renters can also be helped if their financial status is improved, which can eventually lead them to become homeowners.
- Taking steps to strengthen communities can add to affordable housing in neighbourhoods. For example, neighbourhood residents can get together and do rehabilitation and construction projects and lawn maintenance. This can contribute to stronger communities and an improved housing scenario.
Affordable Housing Challenges Outlined by Schantz
Here are some affordable housing challenges Schantz believes people face.
• The shortage of affordable housing is directly related to higher costs and local land regulations. Many communities have laws that make it hard to navigate the area's landscape.
• Another reason why so many media to low-income households cannot afford housing costs is the redistribution of wealth in the past 40-50 years period. A large part of the country's aggregate income goes to upper-income families. Medium to lower household income is declining. This shift in income and wealth reduces the number of people who can afford market-rate rents.
William Schantz’s Final Thoughts
William Schantz believes it's imperative to start focusing on the solutions to the current housing crisis. There are plenty of reasons causing this crisis for medium to low-income families. But focusing entirely on solutions and innovations can inculcate the creativity needed to tackle this problem. Innovation is directly linked to progress. This approach can help us highlight the right approach and direction needed to effectively solve the problem of affordable workforce housing.