Canada Plans New Federal Entity to Build 500,000 Homes Annually by 2035

The housing crisis in major North American cities is marked by unaffordability, predatory landlords, and systemic challenges in supply and investment. In New York City, families like the Bravos endure unsafe living conditions worsened by neglectful landlords amid soaring rents, with 69% of residents renting and many spending over half their income on housing. Similarly, Canada faces a critical housing shortage despite government plans to build 500,000 homes annually by 2035; however, decades of underinvestment and the dismantling of federal housing support have left the system ill-equipped. Experts highlight a paradigm shift in housing, where homes have become financial assets rather than just shelter, driving prices up independently of income and fueled by global investors. Additionally, Federal Reserve policies and large-scale mortgage-backed securities purchases have distorted the housing market, exacerbating affordability issues over the past generation. Local efforts, such as those in Long Beach, California, focus on expanding affordable housing and infrastructure to address these multifaceted challenges.