Global housing issues crush immigration growth

Nightmare scenario: The unhoused find shelter in makeshift tent encampments in Toronto. The city is at the epicentre of Canada’s housing crisis, where scarce supply, coupled with a population boom have led to massive price increases. — Bloomberg

NEW YORK: 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 United Kingdom 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.