Financialization of housing and the right to adequate housing 2017, para. 34
Paragraph- Paragraph text
- Increased prices of housing and real estate assets have become key drivers in the creation of greater wealth inequality. Those who own property in prime urban locations have become richer, while lower-income households confronting the escalating costs of housing become poorer. Surveys of ultra-high-net-worth individuals show that more than half have increased the proportion of their investments allocated to residential properties, with the most common reasons being in order to sell at a later date and to provide a safe haven for wealth. The "economics of inequality", in fact, may be explained in large part by the inequalities of wealth generated by housing and real estate investments. Buying a home with a mortgage becomes a speculative investment depending on volatile financial markets, which may generate considerable wealth on leveraged equity or, alternatively, deprive households of a lifetime of savings.
- Legal status
- Non-negotiated soft law
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Means of adoption
- N.A.
- Person(s) affected
- N.A.
- Year
- 2017
- Paragraph type
- Other
- Reference
- SR Housing, Report to the HRC (2017), A/HRC/34/51, para. 34.
- Paragraph number
- 34
sorted by
Date added
83 relationships, 83 entities