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

submitted 3 weeks 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.

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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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[-] Etterra@lemmy.world 4 points 3 weeks ago

It's affecting the working poor worse. the middle class can still afford rent far easier.

[-] ProgrammingSocks@pawb.social 2 points 3 weeks ago* (last edited 3 weeks ago)

Middle class isn't real. Everybody (perhaps over a certain age) thinks they are the middle class. There are those who own the factories, farms, offices, etc. And there are those who go in and sell their labour to make a living. "Middle class" is a term invented to sow division in the second group.

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[-] gravitas_deficiency@sh.itjust.works 2 points 3 weeks 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.

[-] werefreeatlast@lemmy.world 2 points 3 weeks ago

Come round everyone! I got a proposal! How about we buy up entire city squares, then remove all vegetation and houses, then build endless labyrinths of corridors, cubes where we can live. And elevators and stairs to reach the next level! Using an elevator is just like riding a commuter bus thru the 4th dimension! Because you start at your cube and suddenly you're at the cube on the next block that corresponds to your cube! But see you didn't have to travel a full block horizontally! You rode vertically!

[-] Dkarma@lemmy.world 2 points 3 weeks ago

Calm down willy wonka

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this post was submitted on 30 Sep 2024

462 points (99.4% liked)

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