Ansuya Harjani – World Faces $650 Billion Housing Problem
A staggering 330 million urban households around the world live in substandard housing or are so financially stretched by housing costs they forgo other basic needs like food and health care, according to McKinsey.
Urban dwellers globally fork out $650 billion more per year on housing than they can afford, or around 1 percent of world gross domestic product (GDP), McKinsey estimated in a new report, highlighting the enormity of the affordability gap.
More than two-thirds of the gap is concentrated in 100 large cities. In several low-income cities such as Lagos and Mumbai, the affordable housing gap can amount to as much as 10 percent of area GDP.
Read more: http://www.cnbc.com/id/102117275