Homes for everyone drives prosperity for all
Just as the ocean lifts all boats when the tide comes in, everyone benefits when housing is affordable for all. By Israel Cooper, co-founder and trustee, Home Foundation Group
Photo: Lightforge Photography
Over the last few months, I’ve had the privilege of attending the opening of several innovative housing developments completed by the Home Foundation Group, as well as Community Housing Providers (CHPs), and private developers.
These new communities are providing greater access to healthy, more affordable housing options for our region’s most vulnerable, as well as our working class.
This is good news for our region and is partly why Canterbury is performing relatively better on a range of economic indicators. We often forget that housing, like most forms of infrastructure, is essential to not only economic growth, but quality of life for all.
When housing is expensive, of poor quality, and difficult to access, it acts as a significant handbrake on economic growth and community cohesion. When homeowners or tenants must spend more of their income on housing costs, they have less available to spend elsewhere in the economy, and/or they demand higher wages, both of which put pressure on businesses and drive up prices.
However, when housing is less expensive and easier to access, it allows more capital to be diverted to productive parts of the economy, which makes labour easier to attract and retain. Canterbury is currently benefiting as a result; let’s hope we can continue to ensure there is enough affordable housing for all.
