The U.S. housing crisis: A new solution
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- Опубліковано 11 жов 2024
- The U.S. is short of 7.3 million homes for people with low incomes. But due to zoning laws, it’s hard to build anything other than single family homes. That’s why this tech startup created a way to repurpose traditional homes into shared living spaces - and it could solve the affordable housing crisis.
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The United States grapples with a staggering 7.3 million home shortage for low-income people*, and the harsh reality that many full-time workers cannot afford a one-bedroom apartment in any American city. Despite significant government funding towards housing programs, these efforts have proven insufficient.
A breakthrough comes from entrepreneur Atticus LeBlanc's tech startup, PadSplit. Operating across 16 states, PadSplit’s solution is to make the existing supply of housing work better for more people. Converting single-family homes into shared living spaces allows new, affordable rental properties to pop up in major metro areas that are otherwise facing critical shortages.
This innovative approach is exemplified by Reggie, a full-time student in Atlanta who enjoys affordable rent through PadSplit, significantly below the city average. Rent includes a fully furnished private space with utilities, internet, and laundry usage included. No long-term leases or security deposits are required. Bills are due each Friday, which is intentionally designed to help residents boost their credit scores by making consistent weekly payments.
PadSplit's 'one room at a time' philosophy offers a scalable, pragmatic solution to the housing crisis, emphasizing the private market's potential to address complex social challenges through innovative, incremental efforts.
*Source: National Low Income Housing Coalition nlihc.org/gap
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These have been a thing in the UK for a while now. They call them homes of multiple occupancy (HMOs). They do create affordable places to live, but they're hell to live in. They're also unpopular with neighbours, and once a house has been carved up, it's almost impossible to put it back to how it was before. As with all rented and shared property, the tenants have no vested interest in maintaining the place, so it gets run-down.
Think very carefully before you go down this route.
Thank you for sharing. PadSplit operates to ensure that all parties including the tenants and the landlords abide by their rental agreements and local renting laws, ensuring the quality of the units being rented.
Agreed. The issue with this is shared bathrooms, kitchens, living rooms - with 5 individuals in a single house that’s very often an issue (first and second hand experiences, myself). I appreciate the intention to “solve” this issue from this company, and I believe in its intentions, but to me it’s more of a bandaid (more like, a very very good military grade bandage) in that it works but will lead to social/cultural issues in the long run if better options are not found.
Imo, we really need a (future-ready, sustainable) infrastructure of pod-style living for low-income housing - something that can be affordably mass produced, providing basic options for single (or even options for multi) person living. I think there’s a sense that this is more difficult than any other alternative but I would say it’s an inevitable prospect that simply needs the right fidelity - the capital is already there (50billion/year plus private investments) - we just need to organize and manage the broad collaboration of public and private resources needed for such a venture.
Ultimately, like many things, no matter what it is, we need genuine, intelligent leaders. Leaders who are interested in long-term prospectives and not only short sighted-ness.. the type of thinking that we’ve failed to adapt to in the modern, techno-advanced society. Too many leaders are worried about risking their own beneficiaries rather than their communities and society as a whole, and scared [change] don’t make [change].
Keep in mind that during the 80’s people were encouraged to save due to the interest rates. Right now there’s very little incentive to save because those who are saving are watching those who are reckless taking it in. I’ve been trying to save for a home and it’s been discouraging to watch prices continue to not budge because there’s people willing to get into a mortgage where they’re paying 40% of their income. It’s insane.
Consider shifting from real estate to stocks during severe recessions. While market volatility presents short-term trading opportunities, it's crucial to approach with caution. This isn't financial advice, but investing during such times may be a strategic move, consider adopting the services of a financial expert.
In fact, I had no prior experience or understanding when I began investing in 2020, but by the end of 2023, I had made a profit of almost $850k. All I had been doing was going by what my financial advisor had told me. This demonstrates that all you truly need is a professional to assist you; you don't even need to be a great investor or put in a lot of work.
@@Turner_p who is your advisor please, if you don't mind me asking?
"’Iynne Marie Stella" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
Random roommates suck. I'd never rent out a bedroom to a random person.
I said the same thing. Went against what I said, HORRIBLE EXPERIENCE. I could’ve crashed and burned alone. The guy moved in and made a fake payment that didn’t bounce until the NEXT MONTH. Which made it to where LEGALLY, I couldn’t just put him out. He was considered a resident per Texas law. SMH. Ended result? I lost my place anyway. SMH
Roommate is a fukn terrrribl idea. How to screen for psychopaths?! Stuff like bipolar and schizophrenia does show up on a background check 😒 the crazy person I moved in last year, vandalized my house and stole my furniture
I spent 10 years in commercial residential property management, and an array of properties, including "affordable". This "model" is a worst of several worlds. I would anticipate a lot of probable problems from that.
Build smaller more economical homes. Most places don't want their home values to drop so they only want Mansions built nearby.
There has to be a mix of neighborhoods for working folks, recent college grads etc.
Not as simple as that.
Housing Crisis Yet Mansions sit empty.
That's why PadSplit's vision is so important for the moment we are in. It's hard to build new affordable housing and co-living units - so let's transform the buildings we already have into more economical shared spaces.
A lack of affordable housing doesn't void or supercede property rights. If you don't like it, move to China.
Yep, that is such a crying shame!
Basically it is pooling a house / apartment and sharing it between 3, 4, 5 housemates.
However this create new issues : liability issues in case of damages in shared areas, faster degradation, no one is in charge in the house, housemates relationship issues (loud music, friends coming over,…),…
Student housing makes it work somewhere
Less of those negatives happen then you'd guess. Good folks need a clean and safe room to live and launch their life. No doubt there is a need for lower cost housing!!
@@SirCutRy
Student housing isn’t permanent. And many students just barely tolerate one another.
The property still has an owner. In many cases, the owner of the house lives there with the PadSplit renters. It's a great way for first time homebuyers to increase their income so they can afford their mortgage. Not to mention the benefits for renters: furnished rooms for quick move-in and move-out, rent paid weekly to build credit scores, cleaning services included, utilities included, to name a few.
@@StandTogetherCC Yes, if the Lanlord lives in the same house, then there is someone in charge and ensure that everything is kept in good conditions. I lived 10 years in apartment, sharing it with flatmates, so I know quite well the challenges that can arise if the Landlord is not living in the house…
About 8 years ago, I rented a room in a very large home in a small sized city where I worked. I found it on an apartment rental site. A couple years before that, I found a rental with several other roommates where I was taking over for a previous tenant. I don't know how PadSplit is any different from those situations where an individual is renting out rooms in their home, or a person is subletting or outright switching out for another tenant. In both situations, I did need to have a deposit equal to one month's rent, but at my low income at the time (half the median wage for the area), I was even able to save up that much.
Folks aren't really "room-mates" if everybody in residence isn't involved in the decisions of who else lives there.
If you have a living in the property "host", chanc s art and their quarters will be quite more and better and they will have all the control.
This is somewhat like "sober houses", which are well known for various problems and abuses..
In fact, these kinds of arrangements seem most designed for lower 🔙 get "investors" wanting to get others to pay for it.
I mean, it’s a good ad for the startup, but the guy sounds exactly like Billy Corgan and people have been renting out rooms since the beginning of time without apps. It’s messy either way. Making a cash grab app isn’t going to magically make boomers rent out their 8 extra rooms in their McMansions. Although it would be a funny reality show.
This is not new at all. What WILL be new is seeing how many families get kicked out of apartments and houses and forced into 1 house with 2-4 other familes sharing 1 bedroom for themselves and each family shares 1-2 bathrooms between them all. That is when 💩 has truly hit the fan because when I was growing up my family was so poor we did this with 2 other familes in my grandfathers house at a rental rate that is a fraction of even what you see today renting out a room and mind you this was in the late 90s to early 2000s before my dad bought his first house.
A lot of money for just a room imo. And you have to share facilities?! Idk. If it works for some, cool.
It's half the price of the average rent for a 1-bedroom ($1800). At that price, shared facilities are a necessity for many workers across America.
Padsplit saves you sooo much money. And helps so many homeowners. I enjoy helping the homeowners, I honestly would not prefer to rent an APARTMENT. At any point that person can be evicted and therefore YOU are then evicted. Not worth the risk IMO. But like most CITIES, there aren’t many HOUSES. So I understand that most people don’t have a choice.
How useless is this at 8:22 it shows all padsplit did was get split a bedroom, and turn the living room into a bedroom. $1900/ 3 bedroom at $633.33 a bedroom compare to padsplit where the lowest is $650 and with a couple of more roommates. In College Station Texas they limit it to where there are no more than 4 non-related people living in a single family home to reduce traffic. So this won’t work. And you need building permits just to split up a bedroom. So this is useless!
This was an ad
Landlords are the problem. Stop encouraging the problem.
Landlords and governments should be capped on what they can charge tenants or landlords based on the tenants pay. Landlords should only be able to charge tenants 20% of their pay max. Governments can only tax landlords a percentage of what they make in real time. When a landlord loses a tenant the government loses the tax from that tenant
Im not living with anyone by my wife and son. If things don't change soon their will be hell to pay
This video is based on individual band-aids not collective solution.
lol, product placement.
Don't have a job = can't afford housing.
Have a job = can't afford housing.
So why have a job?
If the intrest rate crash like in japan for a long time... price of money will crash...and hause will be like free!!!
Same hapen in italy! -bubble bust; same in japan bubble bust.
the us house just starte to bust in real term!
Don't have a job = can't afford housing.
Have a job = can't afford housing.
So why have a job?v
you'll own nothing & be happy...with your new roommates
And the alternative is what
Unfortunately, as the video explains, minimum wage workers can't even afford to rent in the places they work, let alone think about owning property. PadSplit's vision is to transform the abundance of under-used single family properties in America into economical co-living spaces. This is also beneficial for the property owners, who can make money off unused space in their homes. Rent is paid weekly, which helps the renters build their credit score. Many people across America are happy to co-live, if it means they can live safely and affordably. That is something everyone deserves.
@@StandTogetherCC “many people across America are happy to co-live”
You need to stop 🛑 the bullshit that’s not true and you know it they are happy to co-live compared to a tent underneath a bridge in Chicago
Seriously you’re a bad person that doesn’t realize yet
And no one will do much if anything, either. Is the VR included?
Wow. So every high school kid earning minimum wage should be able to afford a nice place to live without roommates. Every business who needs extra help can afford to pay that extra help a middle class wage.DUMB! Everyone i know had to scrimp and save, pair up, and get a few years into their career before being able buy a house or get a great apartment. I know the housing market is unaffordable right now. But this idea that if you do any kind of work you are owed a sacrifice-free path to housing is crazy.
Who is losing in this? Are they losing out on suffering?
How can you have these thoughts and ideas and work with a ministry. That's absolutely backwards
@@dominoediggs4790
Why do you think that a ministry supports handups rather than handouts? Ministries know the outcome for people who don’t earn things themselves.
Your belief that minimum wage jobs are just for high schoolers is misinformed. Look around your community: you will see adults working in every minimum wage sector there is. And in order for our communities to function, in order for those businesses to continue operating and serving other citizens such as yourself, those minimum wage workers need a place to live. This is true of the city, the suburbs and the country. Minimum wage workers are everywhere, and that's why we need affordable housing.
PadSplit's vision is to repurpose empty traditional housing into purpose-built, co-living spaces that serve America's urgent need for affordable housing. It's taking what we already have and making it work better for us - for everyone. P.s., the average age of a PadSplit renter is 35.
@@LuckyCharms777 delusional thinking. And not of Christ. Must be a ministry of disembodied spirits of the Nephilim
Don't have a job = can't afford housing.
Have a job = can't afford housing.
So why have a job?