Business View Caribbean | February 2021

13 BUSINESS VIEW CARIBBEAN FEBRUARY 2021 Supporting affordable housing initiatives means investing in your country’s well-being By Jai Leladharsingh A ffordable housing is housing that a household can pay for, while still having money left over for other necessities like food, transportation, and health care. Governments typically define housing as affordable when it consumes no more than 30 percent of a household’s income. Affordable housing is, unfortunately, a topic that’s largely misunderstood by the public. Myths and misconceptions about affordable housing developments are based on fear around negative stereotypes, property values, and the change it brings to neighborhoods – all of which are common arguments in opposition of a new affordable housing community. In reality, the lack of safe, affordable housing is costing communities around the globe in several dramatic ways. Countries that fail to step up with affordable housing solutions drive out residents, lose potential workers, and discourage growth in their local economies. Research shows that increasing access to affordable housing is the most cost-effective strategy for reducing childhood poverty and increasing economic mobility. Without affordable housing, families have constrained opportunities to increase earnings, causing slower GDP growth. Affordable Housing Can Boost Local Economies