Home ownership and rising costs
For many people the possibility of owning a home is a daunting task. With many millennials living in university debt and rising rent; the motivation is lacking. What can the lower income populace do? In this article by Patrick Sisson, he addresses the topic of affordable housing. Can Community Land Trusts work well? Patrick Session’s article “Community land trusts take aim at rising rents” answers the question. Yes, we can combat the issue of costly housing.
What is the answer?
A successful method for solving this issue is a Community Land Trust. There are approximately 250 of these in the US. A Community Land Trust provides options for those who cannot afford to buy a home. In Land Trusts systems, a nonprofit owns the land, which is then leased to the tenant. The author uses the example of the Community Land Trust in Philadelphia (Community Justice Land Trust) as an example of stable and successful collective ownership. In addition, the article addresses the necessary questions in home ownership on community land such as land and home appreciation. All of these factors depend upon the drawing up of the trust.
Renting on a Land Trust
Why rent on a land trust? Because it can help in securing a rent median in a quickly growing metropolis. Many lower income families are slowly being pushed out of their apartments in big cities because of rising rent and costs. As a result, housing for rent on community land trusts stabilizes the rent and keeps it from rising.
The author continues by stating some startling facts such as the median house price has doubled; yet the median income has lowered. Philadelphia is just one example of how under the administration of non-profits, a land trust is an ample solution to the long-term problem of affordable housing.
In conclusion, as more and more nonprofits develop and take the leap into affordable housing; it is quite possible we will see more and more families in good homes and growing stability in housing.
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