Everyone deserves an affordable and safe place to live. However, life is not the same for every individual. What was available for previous generations is out of reach for most individuals today. If you look at the western world, you will see those young people struggle to get an affordable shelter in the city centers. In such a scenario, foreign speculators and investors purchase homes to transform them into affordable residential units. Rent in major cities is increasing in leaps and bounds. Hence, it is pushing individuals further away from their area of work.
- What is responsible for this housing crisis?
There are various factors making housing an expensive asset. The most significant issue supplies, as improving housing is not a one-day phenomenon. It first popped up in the 19th century and ever since then it has only increased. But the western world faces a shortage of housing, and the growing influx in the city centers is making the urban locals overcrowded. Moreover, the COVID-19 pandemic has drastically affected every section of society.
To fill the gap, various housing corporations have started building at least 3.5 million new residences to be finished by 2031. To get to that number, significant steps are underway.
- Annual construction has improved in the last few years.
- To address the housing affordability challenge, the growing population needs to be redirected throughout the city.
- For meeting the housing needs, Maxwell Dreversays governments must double their rate of new construction in the following decades.
- Only developers and federal governments cannot solve this issue. Territorial, provincial, and municipal governments must play a significant role.
- Governments must invest a significant portion of their budget into a partnership with a non-governmental organization. To double the construction of new buildings, a joint effort of the public and private sectors is necessary.
By protecting renters and buyers by curbing the unfair practice that increases the housing price, everybody can fight the issue of homelessness. New policies and bills must get introduced to support housing affordability to cater to the vulnerable section of society.
- Fundamental ongoing actions
Federal governments across the globe are already on track. By 2027-28, they will deliver more than 72 billion cash as financial support to the housing department. In addition to this, Maxwell Drever explains various other mechanisms and measures to make housing more affordable.
Actions that have been underway since 2015 encompass the following:
- Federal governments have provided support for the repair and construction of rental housing.
- A huge amount of money is provided as joint funding to make affordable housing a reality. These are a collaborative effort of territorial and provincial governments.
- Governments are also supporting the cause of social housing and community.
For building affordable houses, every level of society must play a proactive role. Territories and provinces cannot oversee the framework, guiding land use, planning, and other areas. Municipalities must implement these policies with vigor so that it helps community function as a group together.