Authored by: Valeria Budinich
(Above: New home construction underway, resulting from Ashoka Housing For All India coalescing community and builders. Image credit: Ashoka.)
Editor’s Note: The following post is part of NextBillion’s series in partnership with Ashoka focused on affordable housing issues. Please follow the entire series HERE, and join the discussion with your thoughts and insights.
In the coming decade, the affordable housing market could grow to over a trillion U.S. dollars if families simply double the current level of annual consumption of housing products and services. This is a conservative estimate based on the current gap between need and supply, and the increasing migrations to cities’ urban slums. In the process of unleashing this significant market opportunity, hundreds of millions of people would have access to dignified homes, healthier places to raise their families, and more valuable assets they could leverage to transform and improve their lives.
Unfortunately, we will not accomplish this unless we stop thinking one business deal, one company, one client at a time. We need to build a new affordable housing ecosystem, one with the capacity to continue to ramp up the processes and systemic changes needed for the housing industry to offer appropriate products for low-income populations, for enough financing to become available and for the right standards and quality to be in place and incentivized to enable a billion of the world’s population to participate in the housing market as full economic citizens.