Rent Control and Home Affordable Modification Programs – Why Rent Control is Beneficial
Home, housing, or more specifically dwelling, refers to the arrangement and assigned use of buildings or homes collectively, for the aim of sheltering human beings in their lives. In today’s world, housing refers not only to a place where people live but also a public establishment devoted to the care and maintenance of human beings who occupy it. As the word indicates, housing is primarily geared at ensuring safety, hence the name, as it serves as the safety net of the society. It also involves various modes of investment such as real estate, commercial projects, land and development, etc. As mentioned earlier, housing is one of the most important factors affecting social, economical, political, and even health systems.
The supply of housing is affected by many factors such as the availability of skilled workers, the rising demand for apartments and other forms of dwellings, and the falling market rate housing. While some people prefer to live in rented accommodations, others are ready to pay a higher rent as compared to the market rate. There are some who wish to own residential properties and rent them out. There are also those who look at investing in housing through the purchase of apartments. However, this is often difficult as the prospective buyers have to compete with other investors.
HOUSING VULNERESS The government has come up with a number of housing schemes in an attempt to provide housing to people at affordable prices. Some of the schemes are well known, like the Section 8 program, that provides subsidies to house owners willing to move out of rented apartments and into apartments with a cheaper rent. The voucher system also provides financing for affordable housing. Through the voucher system, you can rent a flat for a fixed time frame without going through the formalities of a lease. The major advantage of this system is that the tenants can save a lot in terms of both rental and mortgage payments.
ZONES Zoning plays an important role in ensuring that housing costs are controlled. A community or town within a development has zoning restrictions that limit how much development in a certain area can support. The planning department enforces these laws by putting in place a set of regulations for how the community will develop. While it may seem to restrict the freedom of the residents, the consequences of these restrictive zoning rules can actually work in the benefits of the tenants.
METROPOLITAS An urban region or metropolitan area is defined as a planned development that contains many different types of buildings. The word ‘metropolis’ was first used in Economist magazine in 1947. Urban metropolises are usually the largest cities in countries that are considered developed. These metropolises are often referred to as the ‘business capital’ of the country as they have more businesses per capita than the rural areas. There are a number of reasons why rent control and zoning are beneficial to both the developer and the tenant.
EXCLUSIONARY ZONES are special types of municipal development that do not allow development in certain areas. They are usually set aside for low-income and minority groups. They are also often set aside for areas that are considered to be ‘disposable’. This means that the properties that are in the exclusionary zoning area do not need to be sold or rented. An example of an exclusionary zoning area is a housing subdivision that is designed to allow low-income and minority families to live in their own homes.