The term housing crisis refers to acute problems with the provision or market for shelter and lodging. These include shortage and affordability crises as well as financial crises related to the real estate sector.[1]
Following the first definition, the term "housing crisis" or "affordability crisis" is currently used in the United States and other countries to refer to widespread shortages of housing in certain regions where people want to live. These shortages, caused in part by regulatory barriers to new construction, have led to a rise in homelessness, housing insecurity, and housing costs. Its different manifestations indicate that there is not one crisis but a "web of problems and dysfunctions."[2] Even in regions that are not experiencing an overall housing shortage, for example, the term housing crisis has been used to refer to shortages for specific segments of the population, such as a shortage of dedicated affordable housing for very-low income populations or permanent supportive housing for those with disabilities.
The term has also been used to refer to financial crises tied to the housing sector, such as in the United States during the subprime mortgage crisis of 2007–2008. Similarly, "housing crisis" has been used to describe financial problems in the Chinese property sector that began in 2020 and are ongoing.
- ^ Rudy, Melissa (2020-11-25). "'Housing Crisis' Can Take On Different Meanings: Here Are 5 Examples". HomeLight Blog. Retrieved 2023-12-30.
- ^ Menendian, Stephen (November 30, 2022). "Deconstructing the 'Housing Crisis'". Othering and Belonging Institute (UC Berkeley). Retrieved 2023-12-30.