Workforce housing is intended for individuals or families who work in a particular area but may be unable to live there due to high housing costs. These individuals may be teachers, police officers, firefighters, or other essential workers.
Environmental, social, and governance (ESG) are the three central factors in measuring an investment’s sustainability and ethical impact on a company or business.
There is a correlation between workforce housing and ESG in that workforce housing can positively impact the environmental and social factors that makeup ESG. For example, suppose a company provides workforce housing for its employees. In that case, it may help to reduce the number of people commuting long distances to work, which can positively impact the environment by reducing greenhouse gas emissions. Additionally, providing workforce housing can help improve employees’ quality of life by allowing them to live closer to their workplace, which can positively impact the social aspect of ESG.
This type of housing can help the local economy in several ways:
- It allows people employed in the area to live close to their jobs, reducing commuting costs and increasing productivity.
- It can help businesses attract and retain employees by providing them with an affordable housing option.
- It can stimulate economic activity by increasing local goods and services demand.
- It can help create a sense of community and stability in an area, benefiting local businesses and the overall economy.
Overall, workforce housing can be an essential tool for supporting economic development and promoting financial stability in a community.