This is an automated archive made by the Lemmit Bot.
The original was posted on /r/worldnews by /u/Impossible_Piano_29 on 2024-06-14 09:03:09+00:00.
These cities are now so expensive they’re considered ‘impossibly unaffordable’ | CNN Business
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
https://www.cnn.com/2024/06/14/business/house-prices-impossibly-unaffordable-intl-hnk?cid=ios_app
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
Anyone with half an eye on the housing market over the last two decades will know that in many countries, not least the United States, it’s become much more difficult to buy a home.
But a new report sums up the feeling of many potential home buyers by creating a category that labels some major cities as “impossibly unaffordable.”
But topping the global leaderboard is Hong Kong, the compact Asian financial hub known for its tiny apartments and sky-high rents.
As land has been rationed in an effort to curb urban sprawl, the excess of demand over supply has driven prices up,” the report said.
“Toronto and Vancouver show that the cost of taming expansion is unacceptably high: inflated house prices, higher rents and, for increasing numbers of people, poverty,” Cox wrote.
They are Pittsburgh, Rochester and St Louis in the US; Edmonton and Calgary in Canada; Blackpool, Lancashire and Glasgow in the United Kingdom; and Perth and Brisbane in Australia.
The original article contains 644 words, the summary contains 161 words. Saved 75%. I’m a bot and I’m open source!