> I think we can all agree not many great and global cities have tons of free housing emptied by a prolonged period of decline
That is not the case in Vienna, either. The government built enough units to supply ten percent of the total market and used that leverage to drive down prices. Before that, a large portion lived in squalor.
> But from 1923 to 1934, in a period known as Red Vienna, the ruling Social Democratic Party built 64,000 new units in 400 housing blocks, increasing the city’s housing supply by about 10 percent. Some 200,000 people, one-tenth of the population, were rehoused in these buildings, with rents set at 3.5 percent of the average semiskilled worker’s income, enough to cover the cost of maintenance and operation
That is not the case in Vienna, either. The government built enough units to supply ten percent of the total market and used that leverage to drive down prices. Before that, a large portion lived in squalor.
> But from 1923 to 1934, in a period known as Red Vienna, the ruling Social Democratic Party built 64,000 new units in 400 housing blocks, increasing the city’s housing supply by about 10 percent. Some 200,000 people, one-tenth of the population, were rehoused in these buildings, with rents set at 3.5 percent of the average semiskilled worker’s income, enough to cover the cost of maintenance and operation