Name: How to Solve the Housing Crisis
Uploaded: 2021-06-11T14:44:33.000Z
Duration: 12 min 30 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

Basic passive voice

This episode of Real Engineering is brought to you by Brilliant,

a problem-solving website that teaches you to think like an engineer.

The 21st century is the era of urbanization.

In almost every country around the world,

people are packing their bags, and moving into cities at record rates.

across the spectrum of developed and developing economies.

combined with the overall growth of the worlds population,

could add another 2.5 billion people to urban populations by 2050.

In many countries, the largest cities are growing faster than their smaller counterparts.

Rural cities, towns and villages are being cannabalized

to facilitate the demand for jobs in these urban centres.

we are increasingly becoming an urban world.

Thus, it's no surprise that the demand for city housing is skyrocketing.

Prices to rent or to buy are reaching, for many,

published its list of cities with the highest cost of accomodation around the world,

New York, Hong Kong, London, Tokyo, and Paris

But even smaller cities, like Dublin, are experiencing serious housing crisis,

with many people unable to afford to live

With jobs flooding back into Dublin after years of recession

there is an incredibly high demand on urban housing.

In Ireland capital, housing prices has risen

and the number of listings are at a record low.

Some attribute Dublin housing price increases to a lack of housing supply

and increased AirBnb, or vacant land not being developed.

even if they were resolved, Dublin would still be falling short

of the 25,000 new units needed every year to meet

In recent years, construction in the city has increased significantly

but the return of cranes to the skyline, but many are

commercial units and apartment buildings are simply not being built

fast enough, and in enough numbers to make a dent in the demand,

causing rent prices to rise to the point that many

young Irish are once again having to consider

whether Ireland is a place they can build a future.

our country's youth to not so green pastures.

The government has responded to this problem unsuccessfully,

with ridiculous attempts to ban rents from rising,

a solution akin to banning a sick patient's temperature from rising.

will be to increase the supply of housing,

that is, increase the supply of housing while minimizing cost.

While some are calling for high rise buildings to Dublin

with the idea that it while increase density and greater supply,

buildings that are too tall don't translate into

affordability as they cost too much to build.

In theory, taller buildings reduce square meter costs of floor space

the higher you build, and increase the overall

returnable revenue from a single plot of land.

However, the cost increases as you build higher and higher.

Lift systems, fire prevention measures, water supplies

and pressurization and heating and cooling systems

Costs like these lead to a U-curve in regards to the cost per square meter

and height, where the cost per square meter initially decreases

with an increase in height, and then starts to increase

due to the increased engineering demands.

Every curve therefore has a bottom-out point.

This bottom-out point is different in every city

and varies widely even within the city. But on

average the lowest cost per square meter in Shanghai

and in the Netherlands for example, is around 8 stories.

In Hong Kong, thanks to the limited land area increasing

The additional cost of engineering can be marginalized

by high costs of land, making in worth while to build higher.

Take the extreme example of 432 Park Avenue,

the tallest residential building in the world.

Built on the site, the historic Drake Hotel once occupied,

centrally located with Central Park views, the site became one

of the most valuable plots of land in the world at

this building was not constructed for the average man.

It has over 85 floors with 38,000 square meters of usable floor space,

for people to live in, each costing millions of dollars each.

where there is exceptionally high demand, you can build higher.

The cost of land in Dublin doesn't come close to those of Manhattan

the bottom of our U-curve, ie. the cost effective height to build to,

With a recent Irish government report even suggesting

Subtitles ListPlay Video

How to Solve the Housing Crisis

gross

crisis

average

impact