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A global housing crisis is suffocating the middle class (english.elpais.com)

submitted 1 month ago by MicroWave@lemmy.world to c/world@lemmy.world

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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.

...

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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[-] peopleproblems@lemmy.world 3 points 1 month ago

Wait, what?

Hold on. Around here, house prices have falled, dramatically recently.

In fact, 54% increase from 2015-2024 is low. When my house was appraised a year ago, it was +72.5%, it is now +54.5%.

Housing prices, anecdotal as it is, are going in the right direction.

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[-] MediaBiasFactChecker@lemmy.world 2 points 1 month ago

El Pais - News Source Context (Click to view Full Report)

Information for El Pais:

MBFC: Left-Center - Credibility: High - Factual Reporting: High - Spain
Wikipedia about this source

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https://english.elpais.com/economy-and-business/2024-09-29/a-global-housing-crisis-is-suffocating-the-middle-class.html

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[-] gravitas_deficiency@sh.itjust.works 2 points 1 month ago

Hey, here’s a thought: outside of banks holding the deed in the context of mortgages, corporations aren’t allowed to own residential properties for perma-renting purposes.

[-] bamfic@lemmy.world 1 points 1 month ago

Where have you been for the last 30 years? You're just noticing this shit now?

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this post was submitted on 30 Sep 2024

445 points (100.0% liked)

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