In response, more than 30 ministers and senior government representatives meeting in Geneva on Wednesday committed to stronger policies and increased financing to address housing affordability and sustainability across the region.

The meeting was convened by the UN Economic Commission for Europe (UNECE), whose 56 Member States span the continent as well as North America and Central Asia.

Families pushed into poverty

Executive Secretary Tatiana Molcean highlighted the critical housing situation during a briefing to journalists.

“Many families are paying one quarter or even half of their disposable income just to keep a roof over their heads. So single parents, families with children, and young people are especially affected,” she said.

Furthermore, a 2024 UNECE report revealed that in most countries, housing costs are pushing over a third of low-income families into poverty.

The region is also facing “a pressing challenge of sustainability” as housing accounts for roughly 30 per cent of both energy use and carbon dioxide emissions.

Most of the housing stock “is ageing and energy inefficient” and retrofitting older homes can be difficult as “municipalities and housing providers often struggle with high upfront costs and limited access to finance.”

Action and investment

At the meeting, ministers reaffirmed housing as a human right and adopted actionable commitments to increase accessibility.

“Without general access to affordable, high-quality needs-based housing, many social and economic problems can arise, affecting different areas of public policy such as education, health, transport and environment,” said Martin Tschirren, head of Switzerland’s Federal Office for Housing, who chaired the meeting.

The commitments agreed by ministers stress the “urgent need for integrated, inclusive and forward-looking strategies that address the housing emergency”.

While acknowledging the dynamic, diverse and context-dependent character of housing challenges – and important linkages to economic growth, employment and other sectors – ministers warned that the view of housing as a wealth generator and profit engine has led to increased speculation and insufficient public and private investment.

In this regard, they called for measures such as more public investment and the expansion of public, cooperative, social and community-led housing models, in addition to private sector funding through green bonds, sustainability-linked loans, community land trusts or blended finance instruments.

Adjusting taxes, reducing speculation

Ministers committed to adjusting land value taxation to make policies more equitable. They also called for a curb on short term tourist rentals to reduce speculation.

Other measures outlined include increasing the available housing stock through strategies that prioritise retrofitting and promoting new construction that is climate resilient and energy efficient.

The meeting was held as part of the 86th session of the UNECE Committee on Urban Development, Housing and Land Management, which ends on Friday.