City dwellers around the world pay $650bn more in housing costs than they can afford yearly, as rapid urban growth meets a constrained supply, according to a report.
Some of the world’s leading urban areas face the biggest housing cost problems, with New York, Tokyo and London among the worst affected, the McKinsey Global Institute said. Beijing, São Paulo and Buenos Aires are among those facing the biggest crunch among lower income cities.
McKinsey looked at the cost of housing as a proportion of household income, showing the extent to which a city’s residents face financial pressure.
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