n recent years, sprawling metropolis worldwide have seen a sharp decline in the quality of life. In this essay, I will delve into main causes of this phenomenon to ultimately propose solutions to tackle it.
First and foremost, urbanisation has led to many people moving to large cities seeking job opportunities, which in turn has brought about population growth. As more people have started arriving in the cities, the demand for housing has grown exponentially and consequently resulted in the sharp increase in rent prices. While people’s rents rose, their salaries remained the same, meaning that they could scarcely afford to spend their income on anything but food and rent. The main reason behind the rent increase is foreign investment. It is said that foreign companies are looking to make profit by buying houses in large cities and renting them. This is the case of Toronto, where rent prices have skyrocketed in recent years due to foreign investments, leading to people struggling to make ends meet. Indeed, there is an increasing number of people working full-time jobs who are unable to pay for groceries because their monthly pay is spent solely on housing.
Many advocate for building more houses to address this issue. However, I believe that that would not solve anything, as these housing units would once again be bought by foreign investors or wealthy people who wish to exploit the housing market. Instead, I contend that a solution to tackle this pressing problem involves banning foreign investments in housing market and regulating rent prices in order to protect renters. Indeed, governments should enact laws that would establish a threshold on rent price, and thus prevent house owners from taking advantage of renters. Furthermore, they could build affordable housing and give it to those in urgent need of shelter. Countries like Canada have adopted similar measures, as they provide subsidised living to those who need it most. Nevertheless, their program is shockingly inefficient, as the minimum wage to be eligible for this kind of housing is based on the minimum wage 30 years ago, meaning that very few people actually qualify for the aid.
In conclusion, the decline in the quality of life in metropolis around the world has been primarily caused by a sharp surge in rent prices. Therefore, governments worldwide should take action to improve the quality of life in large cities by banning foreign investment, regulating rent prices, protecting renters, and creating programs for subsidised living.