Saudi Arabia's Affordable Housing Shortage
Saudi Arabia’s King Abdullah is paying a price for his own generosity. In 2011, as the Arab Spring swept across the region, the 89-year-old monarch earmarked 250 billion riyals ($66.7 billion) to build homes across the kingdom. A growing housing shortage was a potential source of unrest: Analysts estimate the existing shortfall at 500,000 homes. The government also vowed to expand the availability of mortgages.
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