What Does it Take to Transform a Broken Hotel into Affordable Workforce Housing? Maxwell Drever Explains
When the COVID-19 outbreak made its way to the United States, hotel occupancy rates plummeted, prompting travel restrictions and stay-in-place orders. The world’s vacant rooms numbered in the hundreds of millions.
Through the declaration of a state of emergency, there was imposition of social distancing norms, and the imposition of travel restrictions. There have been ramifications in every sector of the economy due to a multitude of factors. The hospitality business is no exception in this regard.
Additionally, hotels and resorts have been negatively affected. Something extraordinary has occurred, though, in the middle of the chaos.
In other words, the hotel is being turned into low-cost accommodation or shelters for low- and middle-income individuals. Consequently, worker housing that is both affordable and handy has emerged as an urgent need.
As per Maxwell Drever, the most vulnerable elements of society have been targeted. Though efforts made all across the globe in order to provide them with affordable and secure housing options.
The efforts needed in transforming a hotel into a residence
The effort involved in transforming a hotel into a residence, on the other hand, is not straightforward. Turning a damaged hotel into an emergency shelter becomes more challenging as time goes on.
The initial phases in converting a dilapidated hotel into an inexpensive worker housing complex are the stabilization of the existing structure and preliminary conversion work. Afterward, the restoration procedure starts with a comprehensive evaluation of all of the facilities’ interior walls and ceilings and their fixtures and mechanical system. Depending on the condition, these structures are either renovated or demolished entirely.
All of the windows, doors, and fire escapes have been repaired or renovated to meet current municipal rules and standards. The framing for new walls and insulation, which will be installed when all structural repairs have been completed, is seen here. Finally, the structural component of the building is done, and the drywall is installed on each of the levels of the structure.
Many historic buildings are eligible for significant tax breaks since they are considered historical structures. The financial benefits that come with these types of credits greatly improve the value of the property. While the cost of providing such refunds to small communities may seem to be prohibitive, the additional revenue generated by the flood of new taxpayers more than offsets the expense. The value of a thriving community may be seen by examining the growth of its tax base.
Maxwell Drever is among the top leading experts in the affordable workforce housing sector, and he knows every in and out. In order to overcome such crises, many local, as well as national bodies, have to work together with an effective plan. This is not an easy task, and will take time and patience to get it done throughout the country. With the right initiative from the government, things will become easy and the process will move faster, bringing smiles to the faces in need.