Understanding the Global Housing Crisis: Drivers, Impacts, and Solutions
The global housing crisis is real. Billions of people worldwide lack proper space to live in, according to the World Bank. Over 1.6 billion are expected to be affected by the housing crisis, and experts blame several interconnected factors for this challenging, complex problem.
Drivers behind the housing crisis
The first that I can point to is the obvious: population growth. The hurricane of rapid urbanization and population surge calls for more housing. Cities around the world struggle to accommodate the influx of new residents.
The result: housing shortage.
Undoubtedly, income inequality is another contributor to housing disparities. Unlike those who are blessed with high incomes, those who earn less face severe affordability challenges when it comes to having a roof over their heads, further deepening the housing crisis.
One factor that deserves close attention in our ever-corporatized world is “real estate speculation and investment.” Investors who monopolize the real estate market, not uncommonly, prioritize profit over housing stability, and the United States is no alien to this phenomenon. They buy properties, reduce housing availability for residents, and drive up prices, further deepening…
