Inventing a Solution to the Housing Crisis

A few months ago I felt frustrated about the lack of housing alternatives for senior citizens as their needs change, and as their abilities to afford some alternatives disappear. Here is what I came up with.

Inventing a Solution to the Housing Crisis

Objective: Three-fold solution sought for:

a.       Glut of foreclosed homes now owned by banking industry

b.      Need for innovative housing for aging population, especially those now already retired and the coming surge of Baby Boomer retirements

c.       Refocusing of community living modes

Background:

The housing market collapsed and was a significant driver of the 2008/09 recession in the United States. Sub prime lending was a leading cause of the housing market collapse coupled with lax banking regulations and greed within the real estate and mortgage professions. These market conditions persist and continue to depress the economy.

Currently the banking industry and Fannie Mae/Freddie Mac own a huge portfolio of bankrupt homes with a looming mass of additional mortgages plagued by home values below mortgage loan balances. The further result is lower housing values. The latter fact exacerbates the foreclosure problem and the pending growth of same if the pent up supply of housing stock for sale is not reduced.

Alternative means of reducing the supply of for-sale homes are explored here.

The Alternatives:

1. Convert selected homes to meet the needs of these diverse population needs:
1. Elders
2. Low income
3. Persons with disabilities

                                                              i.      Veterans

                                                            ii.      Line of public service injuries

                                                          iii.      Civilian population

4. Other?
1. Identify alternative housing types for specialized market niches and need to establish broadened housing standards and expectations
1. Group housing for elder citizens

                                                              i.      ‘Non-ghettoization’ issues realized

                                                            ii.      Need for community interaction and stimulus for each person

                                                          iii.      Creating ‘walkable’ communities

                                                          iv.      Access to quality of life amenities

1.      Health care

2.      Shopping for routine support goods and services

3.      Cultural programs and events

4.      Continuing education/mentoring/multiple generation mixing

                                                            v.      Other?

2. Integration of diverse populations for quality of life purposes

                                                              i.      Age diversity; intergenerational

                                                            ii.      Income diversity; not all rich, not all poor; anti ghetto process

                                                          iii.      Skill set diversity; trades, professions; educational levels

                                                          iv.      Mentoring accessibility

1.      Elder to youth

2.      Youth to elder

3.      Skill set development

4.      Intellectual development

5.      Cultural appreciation

6.      Other?

3. Multi-generational housing

                                                              i.      Same family multi-generational living

                                                            ii.      Requires floor plan accessibility design

                                                          iii.      Requires privacy design components

Rationale:

Absorb available housing stock in innovative manner to lessen surplus housing and stabilize housing prices

1. Adaptive re-use of existing housing stock to meet other pressing social concerns
2. Unsustainable “McMansions” market needs to be de-emphasized and market expectations lowered. This will enhance cost effective housing access, maintain interaction of people for healthy communities, provide more diversity in our communities, and increase integration of diversity within the quintessential American immigrant population.
3. Avoidance of ghettoes, the gathering of like-situated persons, usually based on narrow definition: race, poverty, poor education, depressed economic zones, etc.
4. Modernize housing stock to better fit needs of the society
1. Income levels and social status
2. Social concerns and integration
3. Ecology concerns
4. Optimization of land use

Partners Identified:
Financial institutions industry; mortgage holders of bankrupt properties

1. Freddie Mac and Fannie Mae
2. US Treasury
3. Real Estate Industry
1. Developers
2. Broker/Agents
3. Researchers
4. Other?
4. Municipal Community Development and Planning Professionals
5. Other?

December 2, 2011