Having just spent a week with many of my colleagues from around the globe, I was struck by the similarity of the issues being faced in each region - particularly around housing affordability.
McKinsey Global Institute has released its "Housing Affordability Report : A supply-side toolkit for cities" and highlights three key areas to address the supply issue :
1. Unlocking Land
2. Cities removing barriers to execution, and
3.Boosting productivity in the construction sector
While the checklist of solutions provide common sense approaches that have been widely discussed before - success of course depends on the commitment and co-operation of Government at all levels to facilitate these solutions - and not in a piece meal fashion.
Access to affordable housing is so fundamental to the health and well-being of people that it is embedded in the UN Universal Declaration of Human Rights. With a global surge in demand for housing, housing stocks have not expanded quickly enough, an issue that affects households in both developing and advanced economies across the globe. Rising housing costs are creating financial stress for urban residents all around the world. The cost of housing and rent have increased at a far greater rate than income, particularly in big, desirable cities with significant job opportunities. A McKinsey Global Institute report released this month on housing affordability points out that the core of the issue is the substantial one-sidedness in supply and demand. Increases in demand are being driven by substantial population growth, the persistent trend towards urbanisation and the rising global incomes.