The chief executive officer of APPA Real Estate, Aaron Marzwell helps investors generate passive income through multi-family and development investments. Developer Aaron Marzwell maintains a particular interest in creating affordable workforce housing.
In urban areas, housing can be financially out of reach for moderate to middle-income workers, making long commutes necessary. Workforce housing generally refers to affordable housing for households that earn between 60 percent and 120 percent of the area’s median income. Additionally, workforce housing should cost no more than 30 percent to 40 percent of an individual’s income.
In 2021 the Los Angeles City Council approved an eight-year plan for housing development that will allow for the construction of nearly half a million new housing units by 2029. Along with new construction, remedies for the workforce housing problem include government financing programs such as tax credits, mortgage revenue bonds, and local financial assistance programs. Additionally, regular changes such as zoning and building code changes can increase the supply of housing to accommodate city workers whose income exceeds affordable housing thresholds.
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