Chesapeake in Need of Multifamily Housing

A recent economic study on the current movement of the real estate market in Chesapeake has revealed that the rental sector has undergone a drastic change in prices, leading many families to relocate from the city due to insufficient resources to cover monthly contract payments.

These rent increases have been affecting the entire state of Virginia for approximately five years; however, one of the cities most impacted by these high prices has undoubtedly been Chesapeake.

According to contributors to the report, due to these unexpected increases in the rental sector, many residents of the city are experiencing a housing affordability crisis as a result of this phenomenon.

The regional organization Chesapeake Alliance, environmental advocates working to protect the lands, waters, and communities of the bay, along with the nonprofit organization ForKids, have joined forces to develop solutions to the housing crisis facing the city.

The ultimate goal of this new task force is to develop construction projects that will allow for the building of more than 14,000 housing units of all kinds throughout the Chesapeake Bay over the next decade.

The population targeted for these housing constructions will primarily be young adults, who are the residents struggling the most to become independent or whose resources are so limited that they hinder their ability to obtain their own housing.

Although these residents are the main focus, older adults who can no longer financially maintain their large homes will have other housing options that can be adjusted to their needs and preferences.

The report indicates that the city of Chesapeake has a need for multifamily housing projects; according to their analyzed data, more than 80% of developable areas are designated for single-family homes. Furthermore, the report states that for the past two years, the city council has not approved any permits for the construction of new condominiums or buildings. This situation is not observed in other cities within the state of Virginia.

Due to this, the group emphasizes that it is important for the Chesapeake administration to promote the construction of more multifamily housing and encourage new investors to see the city as a source of investment; in this way, a different and more effective approach can be provided to the issue of affordable housing.

On the other hand, the real estate market study indicates that over the last five years, the city has been experiencing increases in rental contract prices. This situation is causing family incomes to be more affected than expected and is having a strong impact on the economy of Chesapeake; additionally, it is exacerbating the city’s housing crisis.

Therefore, within the proposal of the new task force, they suggest that if more multifamily housing projects are approved, developers and promoters should allocate a quarter of those properties for rental housing that is more affordable for middle- and low-income families.

To address affordability, they also suggest that the city council could create measures or allocate a portion of the city budget for subsidies or housing assistance for affected residents. Additionally, it could offer federal tax incentives to investors and real estate developers in exchange for lower rents for Chesapeake residents.

The report concludes by stating that although there are many difficulties that the administration must face, these are factors that can be overcome if money is allocated wisely and new multifamily housing projects are approved that provide a small solution to housing affordability.

Available Foreclosures:

Chesapeake: 120 homes available.

Virginia Beach: 95 homes available.

By Elías DaSilva | 07 de Noviembre de 2024