Solving the housing affordability crisis is not just about building more units, writes BlueHub Capital CEO Elyse Cherry in the Boston Business Journal. She emphasizes the need for the state to think creatively and strategically about how to more intensively utilize the existing housing stock to meet the diverse needs of the population. From the op-ed:
"The commonwealth is facing a mass exodus of young professionals due to the high cost of housing. This demographic, vital for the state's economic future, finds it increasingly difficult to afford living in Massachusetts. At the same time, many seniors, who often live alone and wish to remain in their homes, could benefit immensely from some live-in help and additional monthly income.
Massachusetts homes currently include 500,000 spare rooms that are unoccupied. This statistic highlights a significant mismatch between our housing stock and our housing needs. Instead of focusing solely on new construction, we should also look at innovative ways to make better use of what we already have.
The proposal: Create a program to match seniors with extra bedrooms with young professionals seeking affordable housing as they embark on their careers. Such an arrangement, though not suitable for everyone, presents numerous benefits. For seniors, this could mean having a companion who can assist with daily tasks, providing both emotional support and practical help, thereby enabling them to “age in place.” For young people, this arrangement offers a substantially lower cost of living, which can be a game-changer in their decision to stay and build their careers in Massachusetts rather than relocating to a state with a lower cost of living.
Additionally, this program fosters intergenerational relationships, bridging the gap between young and old, and creating a community bond that strengthens societal cohesion. It also allows for a more efficient use of our existing housing infrastructure, reducing the environmental and financial costs associated with new construction. By thinking outside the box and implementing such creative solutions, we can address the housing affordability crisis more effectively and sustainably, ensuring that Massachusetts remains a vibrant and attractive place for people of all ages to live and thrive."