Title page 1

Contents 1

What's the issue? 2

Why is this important? 3

What's driving the affordability crisis, and what can policymakers do about it? 3

References 9

Figure 1. A 30-year surge in housing prices, with housing costs rising faster than any other household expense 2

Figure 2. Housing investment has experienced several negative shocks 7

Boxes 4

Box 1. The costs and benefits of home ownership support 4