The narrative surrounding the US housing market has largely been dominated by demand-side solutions. While significant, this only paints half the picture. While low-interest loans and down payment assistance appear promising, they might inadvertently reinforce the current challenges without tackling the root issues. The key to genuine progress lies in fortifying the supply side.
From disparities faced by BIPOC, veterans, and underserved populations to a severe lack of resilient and affordable housing – the problems are numerous and pervasive. Add to this the bureaucratic tangle of building codes, financial hurdles, and the desperate need for sustainability and you have a real problem that results in a significant slowdown of new household formation.
This is where modular and prefab housing can be transformative.
Last week, Eric Schaefer spoke to the United States Senate Subcommittee on Housing, Transportation, and Community Development and described our thoughts perfectly:
"We strongly believe that home builders that utilize [modular] are best positioned to help address the affordable housing crisis. With growing housing shortages facing local, state, and federal officials, I offer the following recommendations to the members of Congress. Provide grants and 0% interest loans to modular manufacturing facilities to increase the housing supply instead of subsidizing the demand side. Tie federally-funded projects to a standard construction code entitlement process, and as a long-term solution, mandate for regional building codes to streamline the housing construction process."
We 100% agree with this perspective and stand ready to present our case at any level - Senate, Congress, or state legislature.
The urgency can't be understated. With looming challenges like climate change and housing inequality, modular housing isn't just an option; it's the answer.
🔗 The Housing Supply and Innovation Subcommittee Hearing: https://lnkd.in/dSjdTUBX
#USHousingCrisis #HousingForAll #Sustainability #AffordableHousing #ReMoHomes Lynn von Koch-Liebert Sasha Wisotsky Kergan Matt Horton Jon Hannah-Spacagna Ben Metcalf Vamsi Kumar Kotla Ryan Blowers Alexandra Ferrarese
CEO, Project Systems Group
1moProject Systems Group is proud to be collaborating with Bridge Housing on this project.