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Possible opportunities may arise from California’s war on the housing crunch

On Behalf of | Feb 8, 2022 | Commercial Real Estate, Mobile Home Parks/Manufactured Homes |

Across California, there is an ongoing shortage of available, affordable housing for people. This topic is not going away, but savvy developers and investors can capitalize on this need and start a shift towards providing a greater volume of homes. Here are some possible options for investors looking to move ahead quickly:

Low-income developments due to new legislation

In Orange County, there is a strong push against the necessary housing developments to bring 183,000 new homes to the area. While this is a concerning obstacle, the number of new homes is intriguing for property developers. Emphasizing higher volumes lower prices could be a solid investment.

Redeveloping golf courses

While there has been a great deal of controversy on this topic, one of the aspects of developing property in an urban area is finding open land. A golf course is acres of undeveloped land, which would convert nicely into homes with the right vision. There is a bill currently in the California house looking at this exact option.

Redeveloping would be a challenge, but a golf course would naturally have several advantages, as most are cultivated to channel water away from large pieces of land. There would be some infrastructure that you could expand or repurpose to create waterlines and roads. It is a project that could be highly cost-effective.

Repurposing hotels or malls

Repurposing an existing building such as a hotel or a mall is one of the more fascinating ideas in conversations about the housing shortage. Redesigning an existing building into a fully functional home can be difficult, but especially with a hotel, many of the necessary fixtures are already existent.

In some instances, an upper-scale suite can contain all of the amenities of a home already, such as a full kitchen and multiple rooms. This could be a low-risk, low-cost way to meet future housing needs.

Affordable housing doesn’t have to hurt your business

Developing affordable housing for the large, unserved market in California may not sound exciting for you, but it can be highly lucrative.