Public value has now become the broad term for the collaborative efforts of organizations and the government directed at resolving social problems.
However, leaders widely hold the view that good public value creation is multifaceted and has the plan of creating ripple effects. It goes beyond utilitarian value and pivots into a broader, bolder perspective – putting public value into the heart of economic prosperity. As such, it has the potential to deal with the population’s concerns and ultimately lead the way ahead to a better future.
But in this admirable pursuit, which levers of creation should one pull to achieve long-term, sustainable outcomes? We at Homz Global found one way through multifamily, integrated communities.
Construction as the foundation of public value creation
The construction industry provides the basis for value creation. Often gardens enhance the expression of the cities. A fountain in the middle of a road attracts people towards it, creating a meeting spot with an air of happiness. Like the fountain’s source of fresh water, a public library is a source of knowledge. And the list goes on.
This caught our imagination and creating 50 integrated communities across the U.S. as a form of public value creation made perfect sense. Here’s why.
Homz communities for holistic wellbeing
The U.S. is facing a housing crisis where people cannot find their dream homes. It’s not the number of rooms a house offers, but rather the place and the price it comes with.
Even though in the next 10 years, the U.S. will need 4.6M housing units, creating demand for living spaces, the supply of the newly built housing units doesn’t cater to everyone. Housing costs grow 3X faster than the average U.S. population’s income. Thus, this makes renting an attractive alternative. But when rent increases by 60% as opposed to a 5% increment in renter’s income, the need of the hour becomes affordable housing, attainable to all. Otherwise, debt might be inevitable, and people will continue to live in poor conditions.
This grand scale problem is solved with 50 Homz Global communities as these developments consist of 4 unique Homz for 4 types of renters from different walks of the income bracket:
Once homes are more attainable, the next value it brings is improving the quality of life. As these developments are integrated communities, basic facilities like schools, offices, hospitals, convenience stores, and entertainment venues are a short drive away. Giving people the opportunity to indulge in a great work-life balance – getting a city built around them.
Homz for economic upliftment
As stated earlier, an excellent public value creation plan also delves into economic prosperity. We do this through a solid strategy based on ripple effects. Since location plays a crucial role in the success of any development, we plan to build our project on the unused potential of the suburbs. As suburbs see a surge of 16% growth annually, the highest as opposed to urban & rural areas. Making suburbs the right place to start.
We will also partner with local universities to develop 25 entrepreneurial ventures in each community. This is expected to create a ripple effect on local businesses and carve a doorway for more private companies to enter these communities. With this, it has been estimated that every 1000 Homz housing units will give way to 900 jobs.
Giving residents of the community, and the town alike, a lucrative quality of life.
Over the years, the focus on value creation has shifted from concrete structures to intangible outcomes related to broader and at-scale social issues. Just like the housing and economic crisis of most of the U.S. population. Within the value creation concept, we have found a way to do our bit for the betterment of society through our communities. We believe it is an ingenious housing solution and will have a dual impact on solving the housing crisis and creating economic growth. We at Homz communities are committed to creating public value and keeping the people at the center of everything we build.