HOUSING IN THE GLOBAL SOUTH
How is the Global South dealing with the housing crisis? The housing crisis is affecting the Global South due to rapid urbanization, limited provision of new or replacement infrastructure and socio-economic disparities. Informal settlements, often lacking basic services such as sanitation and electricity, are growing. Kibera, on the outskirts of Nairobi, for example, is the ever-expanding largest urban slum in Africa. High land prices and inadequate housing policies exacerbate the problem, leaving millions in precarious living conditions. Additionally, global economic pressures, such as inflation, trade disruptions and debt burdens limit the ability of governments in these countries to invest in social housing. The crisis not only affects living standards but also hinders economic growth by perpetuating poverty and social instability.
There are several factors that have contributed to the global housing crisis, including: • Supply-Demand Imbalances: Rapid urbanization and population growth outpace housing supply (including a decline in public housing), especially in urban areas. • Speculation and Investment: Housing often serves as an investment asset, driving up prices and reducing availability for residents, thereby stripping it of its intrinsic function
• Regulatory Barriers: Zoning laws, construction regulations and bureaucratic processes can hinder development, for example making brownfield sites too expensive to develop. • Economic Inequality: Stagnant wages and soaring living costs (reflected in rising inflation) exacerbate the affordability gap, particularly in regions with significant income disparity. • Financialization of Housing: Mortgage- backed securities and investor-driven markets prioritize profit over social needs.
to provide secure and affordable living space.
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