The Cities Of The Future Will Be Great If We Figure Out How To Make Them Affordable | C... - 0 views
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Brian G. Dowling on 18 Sep 16There are shocking statistics aplenty. Here is one: in 1995, the average house in London cost around four times the average salary. Today, it costs 12 times the average salary. In Europe, there are only two major cities-Athens and Manchester-where more than half the residents think housing is affordable. Expensive housing means less money in your pocket, a longer commute from further away, a constant pressure pushing the standard of living down towards mere subsistence. And for cities, it means the emergence of financially defined ghettos, where previously diverse neighborhoods become inhabited solely by the rich. At its worst, this becomes the Paris problem: a rich but sterile center encircled by a ring of poverty and disadvantage that nurtures terrorism and can explode into appalling violence.