The UK Needs to Build Another London to Fix Housing Crisis
Also today: NYC has the world's worst traffic congestion, and how a Seattle architecture firm is expanding.
A housing development under construction in Braintree, Essex, in March.
Photographer: Chris Ratcliffe/BloombergSince 1977, the UK has fallen behind other wealthy nations in Europe in building new homes, driving a severe shortage that has sent housing prices soaring and kept young Britons out of the market. A Bloomberg analysis found that the failure to keep housing production on pace has led to 4.3 million missing homes — greater than the number of existing dwellings in all of London.
That underscores the enormous task facing the next government as the UK heads into the general election in July, with the housing crisis deemed a key issue among voters. Read the analysis by Eamon Farhat, Tom Rees, Olivia Konotey-Ahulu and Kyle Kim today on Bloomberg: UK’s Housing Crisis Needs a London-Sized City to Fix It