Urbanization
is
rapidly
transforming
cities
worldwide.
By
2050,
it
is
projected
that
90%
of
the
U.S.
population
will
reside
in
urban
areas,
signifying
a
monumental
shift
towards
city
living.
This
unprecedented
urban
growth
poses
substantial
implications
for
housing,
particularly
in
accommodating
an
expanding
and
increasingly
diverse
population
within
urban
centers. 

As
cities
become
denser,
the
challenge
of
providing
sufficient,

affordable
housing
becomes
more
acute.
Additionally,
urbanization
is
closely
linked
to
the
concept
of
“aging
in
place,”
where
more
individuals
choose
to
remain
in
urban
areas
as
they
age,
necessitating
housing
solutions
tailored
to
their
specific
needs. 

To
ensure
affordable
housing
for
all
by
2050,
innovative
approaches
to
urban
planning,
financing,
and
policy
must
be
explored.
Emphasizing
inclusivity
and
sustainability,
these
strategies
can
address
the
housing
crisis
and
create
resilient
urban
living
spaces
for
future
generations.

Challenges
created
by
urbanization 

As
people
flock
to
cities,
the
demand
for
housing
increases
exponentially,
leading
to
higher
prices.
In
the
past
five
years,
typical
home
prices
across
the
U.S.
rose
37.5%.
Rapidly
growing
cities
are
experiencing
even
higher
increases,
including
Nashville
(+57.1%),
Los
Angeles
(+55.1%),
and
Austin
(+53.3%). 

Urbanization
involves
not
just
population
growth
but
also
the
transformation
of
urban
landscapes.
Cities
are
becoming
denser,
causing
a
shift
towards
vertical
living
in
response
to
the
limited
availability
of
land
and
the
need
to
accommodate
more
people
in
a
finite
space.
However,
increased
density
presents
challenges,
such
as
the
need
for
adequate
infrastructure,
transportation,
and
public
services.

Urbanization
is
driven
by
several
factors,
including
economic
opportunities,
better
access
to
services,
and
a
higher
quality
of
life.
Younger
generations,
particularly

Gen
Z,
are
also
significantly
shaping
urbanization
trends,
as
they
often
prioritize
urban
living
for
its
vibrancy,
opportunities,
and
lifestyle. 

In
addition
to
young
people,
a
major
driver
of
urbanization
is
the
aging
population.
The
“aging
in
place”
trend
has
profound
implications
for
urban
housing.
Cities
must
adapt
to
meet
the
needs
of
older
adults,
providing
accessible
and
affordable
housing
options
that
enable
them
to
live
independently
and
with
dignity. 

At
HVPG,
we
recently
completed
a
renovation
at
a
senior
living
facility
in
Jersey
City,
a
city
experiencing
rapid
growth
with
almost
30%
of
its
current
population
arriving
in
2021
or
2022.
Our
renovation
includes
features
such
as
step-free
entrances,
wider
doorways,
and
bathroom
modifications.
Additionally,
we
prioritized
increasing
access
to
healthcare
services
and
community
amenities,
which
are
crucial
for
the
well-being
of
older
adults. 

Affordable
housing
is
essential
for
the
stability
and
well-being
of
urban
communities.
It
ensures
that
residents
of
all
ages,
regardless
of
their
income
level,
have
access
to
safe
and
decent
housing. 

Expanding
affordable
housing
access
requires
a
multifaceted
approach
that
prioritizes
the
following
three
elements:

1.
Inclusionary
zoning:

Policies
at
the
local,
state,
and
federal
levels
that
support
affordable
housing
development
and
provide
financial
assistance
to
low-income
families
are
essential
for
ensuring
housing
stability
and
affordability.
For
example,
inclusionary
zoning
policies
require
developers
to
include
a
certain
percentage
of
affordable
units
in
new
residential
developments.
This
ensures
that
affordable
housing
is
integrated
into
all
neighborhoods,
promoting
social
and
economic
diversity. 

2.
Public-private
partnerships:

Collaboration
between
the
public
and
private
sectors
is
crucial
for
addressing
the
affordable
housing
crisis.
Public-private
partnerships
can
leverage
the
resources
and
expertise
of
both
sectors
to
develop
and
preserve
affordable
housing.
These
partnerships
can
include
joint
ventures,
tax
incentives,
and
subsidies
to
make
housing
development
more
feasible
and
affordable.

3.
Sustainable
building
practices:

Sustainability
is
a
key
consideration
in
urban
planning
and
housing
development
that
can
create
healthier
living
environments
and
contribute
to
the
overall
resilience
of
urban
communities.
One
notable
approach
is
adaptive
reuse,
which
involves
repurposing
existing
buildings
for
new
uses.
This
approach
can
be
an
effective
way
to
increase
the
supply
of
affordable
housing
without
the
environmental
impact
caused
by
new
construction. 

The
trend
towards
urbanization
presents
both
challenges
and
opportunities
for
housing.
As
cities
continue
to
grow
and
evolve,
it
is
crucial
to
adopt
innovative
approaches
to
urban
planning,
policy
initiatives,
and
public-private
partnerships
to
address
the
housing
crisis
and
create
vibrant,
livable
urban
communities
for
future
generations. 

Jason
Bordainick
is
the
Managing
Partner
and
Co-Founder
of
Hudson
Valley
Property
Group.

This
column
does
not
necessarily
reflect
the
opinion
of
HousingWire’s
editorial
department
and
its
owners.

To
contact
the
editor
responsible
for
this
piece:



[email protected]

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