The gap between home prices and household incomes is widening across the world, not just in the United States. Countries with completely different planning and zoning philosophies, like Canada, Switzerland, Australia and Germany, have all seen affordability deteriorate even faster. According to Home Economics (https://www.home-economics.us), the global pattern shows that rising housing costs are not tied to any single country’s rules or politics.
Why Zoning Reform Isn’t the Whole Story
Zoning often gets blamed for limited supply and high costs, and it does play a role. But when affordability declines in markets that regulate development very differently, it becomes clear that zoning is only one part of a much larger set of pressures. Population growth, investment demand, construction labor shortages and prolonged periods of low interest rates have pushed prices upward almost everywhere.
What This Means for NYC Real Estate
New York City sits inside this global trend. Even with rezoning efforts, ADU conversations and upzoning near transit, the city still faces the same supply constraints and demand pressures seen worldwide. International buyers, remote workers returning to cities and chronic underbuilding all feed into a market where prices remain stubbornly high. Understanding these global patterns helps explain why local reforms alone can’t fully fix affordability here.
