Open land for builders is getting increasingly hard to come by, which can drive up housing prices and force residents out of their existing housing. If used wisely, apartment redevelopment can help transform existing buildings into affordable solutions that transform neighborhoods in positive ways.
Increased Housing Stock
It is no secret that America is facing a huge housing shortage. This is especially true in the number of decent affordable units available. The limited amount of space that is available to build on leaves developers faced with a shrinking number of choices.
For areas that are facing housing shortages, redevelopment can offer an abundant supply of attractive and functional apartments. Los Angeles real estate investor Steven Taylor has focused on this aspect of the process to bring stylish housing to downtown areas.
With the proper planning and input from municipal leaders, redevelopment can also help create affordable housing units to slow or stop the negative health effects associated with gentrification. It also allows people to stay in their neighborhoods and can increase access to job opportunities.
Despite the growth in suburban and rural areas, cities continue to attract more and more people. Redevelopment plans that include mixed-use spaces and promote walkability can help meet the transportation needs of this burgeoning population.
There is tremendous economic power in a walkable community. It contributes to greater social equity and leads to improved health outcomes. Not only that, but walkable areas are more economically sound. That may be a contributing factor to Taylor Equities continued investment in redevelopment projects.
Economic Boost to Businesses
Apartment redevelopment not only increases housing and walkability, but it also provides an economic boost to area businesses and merchants. Local businesses can reap the economic benefits of more people concentrated in previously struggling areas. That makes it an attractive option for chambers of commerce and other business associations looking to offer increased traffic to their members.
Apartment redevelopment won’t present an overnight solution to the current housing crisis. However, it can provide many benefits to individuals, businesses, and cities that should be explored further.