Building more Middle-Income and Workforce Housing
One of the biggest challenges in the housing industry today is to build affordable and sustainable Middle-Income housing. There are a lot of factors at play here and one of the most important ones is the lack of understanding of these factors. You see, the core problem lies in the inability of the construction firms in understanding the factors that govern Middle-Income housing.
In a brief description, restrictive zoning, NIMBYism, and high construction costs which incline the developers to only build luxury models are some of the issues faced.
To understand the problem better and hopefully fix it more efficiently, let’s take a deeper dive.
- Land Constraint: Land constraints may be one of the biggest factors affecting the middle-income housing industry. Due to the scarcity of land, there are only a limited number of projects a developer can be working on and therefore the developer tends to take the more lucrative option and builds in the luxury niche. Soon it will be impossible to find 2bhk flats for sale in Hyderabad.
- Unsustainable Rents: Even if the land was acquired for free, the rent in some areas is just off the charts and therefore unsustainable. The cost of construction in these areas is just way too high for sustainable low-income housing.
- Uncontrollable Factors: There are certain factors like the material cost and land cost that are not in the hands of the developer. However, this does not mean that the possibilities have ceased to exist. Certain other costs can be regulated. It’s just a matter of understanding where to cut costs and where not to.
- NIMBYism: This refers to the reluctance and often opposition of landowners to allow construction near their land. They seek regulations to disallow construction near their land which makes building anything a challenge.
So how can this problem be solved? Well, here are a few measures that we can take
- More Dense Zoning: In a lot of communities the density of people living in that area is just way too low given the requirements of the current housing condition. This needs to change. Some 2bhk flats for sale in Bachupally are promoting this idea. If we increase the density of certain zones and allow more and more people to live in those places without cramping them, the cost of construction and consequently the rent will come down.
- Continued Innovation: Humanity has been able to stay at the top of the food chain because of its metal ability. Innovations are required to take the challenges we face today. Off-site construction, affordable materials, vertical development, and other innovative ideas are required to reduce costs and open new possibilities to face this challenge.
- Plan and zone for economically diverse neighbourhoods: We need to allow a different housing standard in different neighborhoods. Certain areas need to be designated as affordable and the regulations need to set up in a way that enhanced this idea.
The world will certainly be a better place if the problem of middle-income housing is solved. It is our responsibility to gather and promote ideas for better living conditions.