The issue of the increment of housing cost faster than citizens’ incomes has attracted significant attention in recent years. This essay will discuss the problems caused by this situation, and then suggest practical solutions that can help to address this issue.
There are several effects resulting from the rising of the cost of housing. First, people will absolutely become poor since housing is one of the basic living needs and they will spend their money on it. Second, it may lead to the migration because people will be forced to find other housing places. Third, country’s economy will be affected negatively. The number of customers will decrease in the building markets like building areas and materials and other things that are directly connected to the country’s economy.
There are a number of solutions to solve this problem. Government can extremely control this issue by several approaches. For instance, putting strong cost regulations on anything related to the housing like the renting, areas and materials costs. Furthermore, government can provide some facilities on this side. For example, Oman provides men married citizens with free areas to build which absolutely decreases the building cost even though their income is low.
In conclusion, it is clear that the rising in housing cost is considered a serious challenge that leads to the poverty, migration and poor economy. However, it can be effectively tackled through some measures like the related government regulations and facilities. If these steps are taken, the negative impact can be greatly reduced.