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Common Bond Communities
The need for affordable housing is more necessary than ever, not only for those who rely on this housing, but for neighborhoods that need the community benefits of affordable housing. With the continued fallout from COVID-19, the social benefits of affordable housing actually help entire communities—which is something that isn’t always readily apparent.
Nationwide, for every 100 households that have income at or below 30 percent of the area’s median income—often called extremely low-income (ELI) renters—only 21 adequate, affordable, and available units exist.
You may have heard of this type of economic theory by another name: trickle-up economy. As opposed to the trickle-down theory which holds that more money in the pockets of the highest earners will cause them to put more money into local goods and services, the trickle-up theory has shown that putting more money in the pockets of the lowest earners bolsters the economy far more.
This article is based on research in the USA. The same or similar community benefits of investing in affordable housing would likely apply in Australia.