The benefits of affordable housing go far beyond the personal value of a good home for individuals and families.
Listen in on any conversation among New Yorkers, and chances are pretty good that housing will come up sooner or later. Maybe the rent is going up or the space is getting too small for a growing family. Maybe the place down the street sold for a surprising amount or isn’t getting any offers at the seller’s asking price. Maybe someone is weighing the costs and benefits of moving to a different place.
For most people in the greater New York City area, finding and paying for housing occupies a huge amount of mental and conversational real estate —not to mention day-to-day activity. Good housing is one of the most basic human needs, but finding housing at an affordable price is often difficult for people in low- to moderate-income (LMI) communities.
Access to affordable housing boosts the economic development of LMI communities by increasing job opportunities, property values, and financial stability for the individuals living there. Real estate developers can support this economic development while also engaging with an underserved market supported by government subsidies and tax credits.
In this White Paper, we'll explore how access to affordable housing can:
- Support economic development
- Help families
- Encourage investment