The affordable housing crisis in the United States continues to be a problem and it’s only getting worse. Nationally, there is a shortage of about seven million affordable homes for our nation’s more than 11 million extremely low-income families, according to the National Low Income Housing Coalition. Some areas are worse off than others, with the San Francisco Bay Area — the heart of the U.S. tech industry — among the worst.
Factory-built modular homes are gaining traction as a possible solution, and could reduce the cost of construction by 20 to 40%. Entekra, Blu Homes and Blokable are already using this building technique while Connect Homes, which is led by a former Apple exec, has raised $27 million to do the same. Google and Facebook have invested in another company, Factory OS, which is building affordable homes in the Bay Area.
Watch the video to find out how modular construction could be the best solution to solving the nation’s affordable housing problem.