Over the past two years, 2.4 million people arrived in Canada, more than New Mexico’s population, yet Canada barely added enough housing for the residents of Albuquerque.
Photographer: Cole Burston/BloombergGlobal Housing Shortages Are Crushing Immigration-Fueled Growth
Households go backwards in 13 developed economies as record immigration runs into a housing crisis.
Across much of the developed world, one of the most dependable drivers of economic growth is faltering.
For decades, the rapid inflow of migrants helped countries including Canada, Australia and the UK stave off the demographic drag from aging populations and falling birth rates. That’s now breaking down as a surge of arrivals since borders reopened after the pandemic runs headlong into a chronic shortage of homes to accommodate them.