Yes to Affordable Housing in My Backyard
Around the world, some 330 million urban households either live in substandard housing, or pay more for their housing than they can afford. And while subsidies, low-interest loans, and rent control may bring relief to households struggling with affordability, these measures will not solve the housing shortage.
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ZURICH – From London to Lagos, “affordable housing” has become an oxymoron. In most cities, rents and home prices have increased faster than incomes, and in urban areas with robust job markets, housing stocks have failed to keep pace with demand. Some 330 million urban households either live in substandard housing, or pay more for their housing than they can afford. If current trends are not reversed, that number could grow to 440 million by 2025.