Newport News seeks to increase housing supply

The city of Newport News is running out of options to provide people with places to live, this is what is concluded from a recent study conducted on housing affordability in this important city of Virginia.

As a result of this study, it was determined that Newport News needs to build more than 20,000 properties, approximately, to meet the demand and needs of the city’s growing population.

The problem reflected in the recent study is the lack of lots or suitable places to develop projects that can increase the supply. Therefore, it is highlighted that for this to happen, it will be necessary for authorities and investors to create measures that allow meeting the demand of residents.

Much of the city of Newport News already has constructions and developments that leave little space for the creation of new housing projects, and the high demand requires that these measures and solutions to housing affordability be implemented as soon as possible.

According to the study, due to the population increase, it will be necessary to develop housing projects that allow for the construction of more than 18,000 new homes and the repair of more than 2,000 homes that are in poor condition and cannot be inhabited.

Likewise, it is suggested that to improve the supply in Newport News, it is important to consider and take into account those places that no longer represent utilities for the city, such as shopping centers or old parking lots, and transform them into properties that can provide better returns for the administration and residents, while also creating stability in the city’s real estate market.

On the other hand, it is important for the municipal administration to consider those properties that have been abandoned or are vacant because they have been foreclosed or are the result of foreclosures due to tax evasion, and transform them into suitable places to be sold and inhabited again.

Another option that the study recommends to improve the supply is the purchase of shopping centers that are currently undergoing a foreclosure process or are facing economic difficulties and converting them into urban complexes.

Although the study refers to several options to increase the supply, the most important and fundamental aspect to work on is to focus all these new homes on satisfying the population that does not have sufficient economic resources to buy a house.

Therefore, it encourages city authorities to create strategies and measures aimed at meeting the demand of low-income individuals and to promote among investors the creation of new housing projects that address the needs of people with fewer resources. In this way, the city of Newport News would support housing affordability and create stability in the real estate market.

However, to achieve all this, it will be necessary for the city to provide its residents with better job offers and improved wages so that families have better incomes and it becomes more feasible for them to acquire a good quality home.

Available foreclosures:

Newport News: 150 houses available.

By Elías DaSilva | 29 de octubre de 2024.