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Addressing Social Impact and Housing Affordability in the Real Estate Industry
The real estate industry needs to focus on more than just environmental issues by addressing social impact and housing affordability crises. This includes innovative strategies for the preservation of housing units, which is more cost-effective and environmentally friendly than creating new units. Emphasizing customer and community experiences is crucial, as it adds exceptional value similar to renowned brands like Starbucks and Disney. It is essential to continuously improve offerings, even if they are functioning adequately. The industry should also communicate its philanthropic efforts and social impact effectively to show alignment with community interests. Establishing standards and frameworks for social and governance aspects, diversity, equity, and inclusion is vital for transparency and understanding within the industry and beyond the multifamily impact council is working on creating such guidelines to align with global frameworks. These efforts will help shed light on the industry's work and contribute to solving some of the existing challenges.