A National Housing Crisis That Needs A Hispanic Solution
The price of existing and new homes seem to be moving in a perpetual upward direction threatening the stability of many families and the ability of individuals to move to labor markets that better match their skills and further increasing the national labor shortage.
According to a research note published May 7, 2021 by Freddie Mac titled Housing Supply: A Growing Deficit the current housing supply deficit is estimated to currently be at 3.8 Million units, this is a figure which doubled from 2018 to 2020 and is projected to grow unless something is done about it.
One of the main issues with construction is the shortage of labor which unlike the current shortage of labor is a shortage of very experienced physically-able individuals and the construction’s market inability to automate. One of the solutions to this problem is to lower barriers for Hispanics to better function or be able to function in the construction sector.
- Lower Immigration hurdles for construction workers: Hispanic immigrants have a great reputation to provide very high quality and reasonably priced labor however an aggressive immigration policy makes it hard for a lot of these eager workers to be matched with willing employers
- Access to capital: Hispanic workers have a hard time planning for capital resources such as machinery, tools, and supplies by having very poor access to the best financial system in the world
- Training and Licensing requirements need to be improved: many states have very stringent testing and legal requirements for high-paying construction jobs such as electricians and plumbers which limits upper-mobility and therefore discourage a lot of Hispanics to be enter the construction market