Two issues causing major challenges in other segments of multifamily — market volatility and over-supply — are not impacting affordable housing in the same way. The longer horizon and greater stability provide somewhat of a buffer against short-term market fluctuations.
"With public funds, there is no turning on a dime, so we're locked in for quite a while," says Rochelle Mills, president and CEO of Innovative Housing Opportunities, who will be among the speakers at GlobeSt's Multifamily Fall 2023 event taking place in Los Angeles in October.
"In many ways it's more stable. Our occupancy rates are 98% and higher and we have waiting lists up to 10 years. Renters can bounce from one place to the next. When people move into affordable housing, they tend to move in and padlock the doors – they're not going anywhere."
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