Stand Together | The U.S. housing crisis: A new solution @StandTogetherCC | Uploaded January 2024 | Updated October 2024, 3 hours ago.
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.
For more stories, ideas, and advice from changemakers tackling our biggest challenges, subscribe to Stand Together ► youtube.com/standtogethercc
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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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Watch more videos about solutions for economic progress in Stand Together’s Economic Progress playlist ► youtube.com/playlist?list=PLF-0tjFMo6OIcbjrB5OTe_zi54grPWKiq
Stand Together Ventures Lab supports the originating, incubating, and funding of ventures that leverage disruptive business models and/or unique application of technology to transform society. Learn more here ► stventureslab.com/about
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.
For more stories, ideas, and advice from changemakers tackling our biggest challenges, subscribe to Stand Together ► youtube.com/standtogethercc
---
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
---
Watch more videos about solutions for economic progress in Stand Together’s Economic Progress playlist ► youtube.com/playlist?list=PLF-0tjFMo6OIcbjrB5OTe_zi54grPWKiq
Stand Together Ventures Lab supports the originating, incubating, and funding of ventures that leverage disruptive business models and/or unique application of technology to transform society. Learn more here ► stventureslab.com/about
