Average monthly rent outside London has hit a record high of £1,316, up 7% from a year ago. The study by Rightmove reveals a growing rental crisis, with demand outpacing supply and pushing prices significantly higher than pre-pandemic levels. The report comes just days before the General Election, with experts calling for government intervention to address the housing shortage and stabilize rents.
A dilapidated former General Motors factory in Detroit, Fisher Body Plant 21, is set to be transformed into new housing. The project, which will include 433 residential units and commercial space, is receiving a $1 million grant from EGLE, the Michigan Department of Environment, Great Lakes, and Energy, for environmental remediation and cleanup. The project is part of a broader effort to revitalize Detroit’s brownfield sites.
The newly formed Modi 3.0 cabinet, led by Prime Minister Narendra Modi, has approved the proposal to provide assistance for the construction of 3 crore additional rural and urban houses under the Pradhan Mantri Awas Yojana (PMAY). This decision was made during the first meeting of the Union Cabinet of the Modi 3.0 government, which was attended by ministers from all allies of the National Democratic Alliance (NDA). The government has been implementing PMAY since 2015-16 to provide assistance to eligible rural and urban households for the construction of houses with basic amenities. Under this scheme, a total of 4.21 crore houses have been completed for eligible poor families under the housing schemes in the last 10 years.
Amidst London’s rising housing costs, Crystal Palace in South East London has emerged as a hotspot for affordable housing, attracting tenants seeking alternatives to expensive central areas. The average monthly rent in Crystal Palace is £833, significantly lower than popular areas like Clapham (£1,072). Additionally, improved connectivity through the Elizabeth Line and the area’s abundance of green spaces, including Crystal Palace Park, make it an appealing destination. Despite its affordability and amenities, some residents prefer to keep Crystal Palace’s charm a secret, highlighting its vintage shops, markets, and vibrant foodie scene.
The Biden administration’s new “green” energy mandates will make it even harder for Americans to afford homes, according to experts. The mandates, which are being pushed through the Department of Housing and Urban Development (HUD), will add $31,000 to the cost of a new home. The administration claims that the higher upfront cost will pay for itself via lower energy bills, but the breakeven point is 90 years.
Hundreds of asylum seekers have established an encampment at Powell Barnett Park in Seattle after funding for their hotel accommodations in nearby Kent dried up. The group, which includes individuals from Venezuela, Angola, and the Democratic Republic of the Congo, had previously camped outside a church in Tukwila before securing hotel stays. They are now seeking permanent housing and assistance from the government.
The International Finance Corporation (IFC) has invested heavily in India, with projects spanning climate action, housing, small businesses, and women empowerment. In the past year, IFC supported 32 projects aimed at job creation, private sector growth, and financial inclusion, while aligning with India’s sustainability goals. As of April 2024, IFC’s total commitment and board-approved funding has reached $3.8 billion.
Halifax is planning to open more designated sites for people experiencing homelessness as the number of unhoused individuals continues to grow and encampments become more crowded. The municipality’s director of housing and homelessness, Max Chauvin, said there are between 60 and 70 people sleeping rough in the city. The report described designated encampments as a temporary “necessity” but cautioned they are not a solution. It noted encampments are often unsafe for people living in them and become issues for the surrounding community. No specific locations for the new sites were identified in the report.
The Anchorage Assembly has unanimously approved the rezoning of a 9-acre Midtown lot owned by the city that has been occupied by a large homeless encampment for about a year. The rezone will allow the land to be developed into high-density multifamily housing, such as apartments, along with some commercial uses. The measure changes the zoning from an R-3 mixed residential to an R-4A multifamily residential mixed-use zone.
Hamilton City Council has approved a one percent vacant unit tax (VUT), which will take effect in January 2024. The tax aims to discourage vacant properties and free up an estimated 1,000 empty units for rentals. The city will reach out to other municipalities that have implemented VUT programs, such as Toronto, Vancouver, and Ottawa, to learn from their experiences and avoid any implementation issues. While the tax is not intended to generate revenue for the city, annual updates will allow for rate changes.
