房价收入比从三到二十倍：一道简单数字背后藏着整整一代人的焦虑

Core Viewpoint - The article discusses the increasing unaffordability of housing in major cities, highlighting a shift from housing as a basic need to a financial asset, making homeownership a distant dream for many [1][4]. Group 1: Housing Affordability Crisis - In major cities like Hong Kong, Sydney, and Beijing, the price-to-income ratio has skyrocketed, with Hong Kong at 14.4 and Beijing exceeding 20, indicating that individuals may need to spend 20 to 30 years of income to afford a home [3][4]. - A global survey reveals that no city remains affordable, with traditional norms of housing prices being three times the annual income now obsolete [1][3]. Group 2: Financialization of Housing - Housing has transformed from a place to live into a financial asset, attracting various investors such as pension funds and family trusts, which has decoupled housing prices from local wages and construction costs [5][7]. - The limited supply of housing due to strict zoning laws and increased demand from global capital has led to soaring prices, with investors focusing on holding properties for value retention rather than for living [7][9]. Group 3: Economic Disparities and Debt - Despite advancements in productivity and technology, median wages have only increased by about 10% in the last two decades in the U.S., while housing prices have doubled or tripled, creating a significant disconnect [9][11]. - The rising housing costs have led to increased debt levels, as banks are willing to issue larger loans, further inflating property prices in a debt-valuation cycle [9][11]. Group 4: Policy Responses and Future Directions - Countries like the U.S. and Singapore are re-evaluating the notion of housing as wealth, implementing policies to increase housing supply and treat homes as infrastructure rather than investment vehicles [12]. - China is also focusing on stabilizing housing prices and increasing the supply of affordable housing, aiming to create a livable environment for new citizens and youth [12].