A global housing crisis is suffocating the middle class
A global housing crisis is suffocating the middle class
Prices have risen by 54% in the United States, 32% in China and nearly 15% in the European Union between 2015 and 2024. Though policies have been implemented to increase supply and regulate rentals, their impact has been limited and the problem is getting worse
Prices have risen by 54% in the United States, 32% in China and nearly 15% in the European Union between 2015 and 2024. Though policies have been implemented to increase supply and regulate rentals, their impact has been limited and the problem is getting worse
Housing access has become a critical issue worldwide, with cities that were once accessible reaching unsustainable price points. Solutions that have been proposed, like building more houses, capping rents, investing in subsidized housing and limiting the purchase of properties by foreigners have not stemmed the issue’s spread. Between 2015 and 2024, prices rose by 54% in the United States, 32% in China and by nearly 15% in the European Union (including by 26% in Spain), according to the Organisation for Economic Co-operation and Development.
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Salaries have not grown apace with real estate prices. In the EU, the median rent rose by 20% between 2010 and 2022, with rental and purchase prices growing by up to 48%, according to Eurostat. Underregulated markets are wreaking havoc, and in the United States and Spain, 20% of renters spend more than 40% of their income on housing, while in France, Italy, Portugal and Greece, that percentage varies between 10% and 15%, according to the OECD. Many countries have created programs aimed at increasing the future supply of public housing, but their effectiveness has yet to be determined and analysts say that results will be limited if smarter regional planning decisions are not made.
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In Canada in top of that, we have 500k-1 million new people entering the country, per year. We have no housing, and not enough services, schools, healthcare, etc.
Canada is about the same population than California, imagine California going from 39 millions people to 40 next year, then 41 the year after, then 42 the next year, etc. Is it sustainable?
Great if you own property and or buy labour though.
Somehow they've got the world convinced that its "tha left", and not wealthy businesses, who want and benefit from this, despite all evidence to the contrary.
Why are you trying to hijack the thread to make it about your xenophobic hot take on immigration?
Having 500K-1M new people could mean having as many as 500K-1M new construction workers to build more housing, if that's what the zoning code and the market (etc.) allowed. That that isn't happening is a failure of those things, not the fault of the immigrants. There is absolutely no reason a properly-functioning society would be unable to keep up with the demand from population increases, and scapegoating immigrants will do absolutely fuck-all to fix any of the real causes of society's failure to function properly.
Lol I'm a Canadian immigrant, and regular population has something like 4% of people working in construction, new immigrants has something like 2% of people working in construction, so no, they will not build more housing. The problem is not immigrants, it's a system/society problem, like you wrote, Canada is not a properly-functioning society.