Urban Migration Report

The need for affordable housing is rising more than ever as the world population crosses 7 billion and is forecasted to reach 9 billion by 2030 (World Population Clock). Urban growth, urban migration, and rapid urbanization are among factors that boosts the need for affordable housing. “Urban growth rates are highest in the developing world, absorbing an average of 5 million new urban residents per month, and thus account for the largest portion of urban population growth on the globe” (Rizvi, 2016). Global urbanization was 51% in 2010, and by 2030 it is likely to reach 61%. Major metropolitan areas in developing countries will be absorbing 95% of the overall urban population growths in the country (Rizvi, 2016) .Asia, Africa, the Middle East

The high costs of construction and the administrative barriers stand among the important reasons behind exceptionally high house prices in Moscow (Khmelnitskaya, 2014). The implications of urbanization growth and urban migration can have negative effects on cosmopolitan countries, especially when the expats are suffering to pay rents yet they contribute highly to the economic growth of a country in terms of productivity. .High rental accommodation can hurt the economy on the long term. “Skyrocketing rent hurts the economy in the sense that such high rents which are consuming 35% to 45% of tenants’ incomes are yielded by private landlords who don’t actually contribute to society in terms of productivity, development, or innovation but merely accumulate more wealth without any redistribution” (Al Matar, 2015 p.9). A lack of affordable housing is not an isolated problem; it can affect all aspects of our economic and social lives, and is a problem for a wide range of workers including those in service sector jobs and government employee (Schwartz,