According to a new study by the Inter-American Development Bank, IDB, Latin America and the Caribbean face a large and growing housing deficit.
The IDB study says this can only be addressed if governments in the region foster greater private sector investment to increase the supply of adequate and affordable housing.
Currently, one in three families in Latin America and the Caribbean, or 59 million people, live in dwellings that are either unsuitable for habitation or are built with poor materials and lack basic infrastructure services.
The study says as many as 2 million out of the 3 million households that spring up annually in Latin American cities are forced to settle in informal housing, such as slums, because of insufficient supply of adequate and affordable dwellings.
The publication examined the housing markets of more than 18 countries in Latin America and the Caribbean and analyzes the region’s regulations and policies.
The study shows that Latin America and the Caribbean have a higher incidence of slums than other countries with similar income levels, a sign that the region’s housing markets are failing to meet demand for formal dwellings, particularly for the low-income population.
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