Across the world, the housing crisis is escalating. Mass migration to cities has led to rapid urbanisation on an unprecedented scale, while the withdrawal of public funding from social housing provision in Western countries, and widening income inequality, have further compounded the situation. In prosperous US and European cities, middle- and low-income residents are being pushed out of housing markets increasingly dominated by luxury investors. The average London tenant, for example, now pays an unaffordable 49 per cent of his or her pre-tax income in rent. Parts of the developing world and areas of forced migration are experiencing insufficient affordable housing stock coupled with rapidly shifting ways of life.
