Housing as an economic tool

Housing can be a vicious circle for communities.

Existing homeowners only sometimes want to see new development; investors benefit when the supply is limited, and rising mortgage payments increase costs. But when the local workforce cannot find affordable housing, the entire community suffers.

sites, regions, and counties and cities within those regions, they compete with one another, offering incentives (free land or tax breaks) to attract businesses and bring in a sustainable workforce. Communities with existing housing are ahead of the curve, giving them an advantage over communities that don’t.

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Forward-thinking cities and counties understand that affordable housing is one of the most critical economic development tools.

Housing needs to be disbursed across the entire income spectrum. In this way, the local economy remains sustainable and vibrant. And affordable housing only sometimes means HUD housing.

Affordable housing means comfortable, clean housing at a price the renter or purchaser can afford within their budget.

Experts agree that affordable housing means the purchase or rental cost does not exceed 30% of a person’s budget. This figure includes renter’s insurance or the initial security deposit. So when you hear “affordable housing” projects being discussed, do not conclude HUD is automatically involved.

Available housing is another incentive companies consider when relocating or expanding. When companies look at new

A lack of affordable housing impacts a community in several ways. Increasing housing costs, lack of new construction and stagnant or slow-growing wages have led to workers being forced to commute long distances or doubling and tripling up in shared housing to reduce costs. Lower-wage workers will feel the impact of higher rents and prices before higher-wage workers, who have more choices.

When lower-wage workers are forced to look for housing in other locations, it creates longer commutes and increased traffic congestion. Wages earned in the local community are now being spent in an outside community; i.e., locally earned wages are being spent elsewhere. That is leakage. Additionally, local businesses will need help finding workers because of the housing shortage.

Even if workers remain in the community, the implications of housing shortages can be seen. If rents or mortgages are higher, there is less money to spend on goods and services. This results in the local economy needing help to support a diverse retail, recreation and food economy.

Cities and regions can leverage a much more straightforward economic development program by providing workers across the economic spectrum with places they can afford to live. Supporting affordable housing is good for communities and businesses.

How can local governments help? While many of the causes of a housing crisis are outside the control of local governments — rising interest rates, high construction and material shortages and costs — effective strategies exist to solve the problem. By looking down the road now and preparing for what is coming, communities can prepare the infrastructure today for the housing of tomorrow. More on this another time.

So, the next time you hear the words “affordable housing,” instead of thinking Section 8 or HUD, think “workforce housing” instead. Because that is what it really is.

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