NEW YORK: The world needs to spend $16 trillion over the next decade in order to meet challenges associated with housing affordability, according to a new report.
In the Blueprint for Addressing the Global Affordable Housing Challenge report, researchers warn the number of households around the world which are either living in substandard housing or are financially stretched to the point of forgoing other essential costs such as food, healthcare and schooling for children could jump from $330 million to $440 million by 2025, meaning the global housing gap could affect 1.6 billion people, or one in three urban dwellers.
Moreover, between $9 trillion and $11 trillion would be needed in construction spending alone to replace any inadequate houses which exist today and also build entirely new units during that time – a figure which rises to $16 trillion when land costs are added in…