Today’s Solutions: August 11, 2022

As the tourists stay home due to the coronavirus, hotels across America are closing down. Fortunately, a company by the name of Repvblik is ensuring some of these hotels get a new lease on life.

What the Los Angeles-based company does is convert empty commercial spaces into affordable housing units. For instance, a former Days Inn in Branson, Missouri, was recently turned into an affordable housing complex after it stayed vacant for eight years. The project, which is called Plato’s Cave, combined hotel rooms to create studio and one-bedroom apartments with rent starting at $495.

The price was chosen to target renters who might be struggling to afford an apartment in the area but wouldn’t necessarily qualify for subsidized housing. And by purchasing a building such as the Days Inn at a steep discount, it’s possible to make a low-cost conversion and keep rent low.

Branson, like many American cities, has a severe shortage of affordable housing, and because the city’s economy revolves around tourism, many residents lost their jobs. Plato’s Cave could provide a quick solution to the problem without having to wait and depend on government funding. That speaks volumes about the effectiveness of Repvblik’s work.

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