Search

Collective amnesia’ over causes of global financial crash - human rights expert




World Bank/ Yuri KozyrevSome of the state-built housing in Russia is in need of improvement (2007). 29 November 2018Economic Development

10 years on, governments are experiencing collective amnesia towards of one of the biggest factors behind the 2008 global financial crash –the housing crisis – which has not been addressed and is only getting worse, said Leilani Farha, UN Special Rapporteur on adequate housing, in a statement on Thursday.

Ms. Farha, an independent expert who is also Executive Director of the NGO Canada Without Poverty, released the statement as the leaders of the world’s leading industrialized countries gather in Argentina for the G20 meeting in the capital, Buenos Aires, which begins on Friday.

Even in these countries, which comprise the world’s wealthiest States, millions of people are struggling to find and maintain an adequate and affordable place to live, she said, and one quarter of the world’s urban population is living in “informal settlements.”

Ms. Farhi said that, against this backdrop, the world economy can hardly be considered stable, and that this instability is being caused by a “new global order” which treats housing as a commodity and a “financial instrument to park, grow and leverage capital.”

The Special Rapporteur called for the G20 to ensure that “financial actors and their governments are prevented from selling-off the human right to housing to the highest bidder”. She said it was key to ensure access for all to adequate, safe and affordable housing - one of the targets of Sustainable Development Goal 11, which covers sustainable cities and communities.

The right to an adequate standard of living, including adequate housing, is recognized in the UN’s Universal Declaration of Human Rights, and has since been recognized, or referred to, in other international human rights treaties.

“Governments have actively encouraged – through tax structures, laws, policies and a lack of regulations – private financial actors to purchase large swathes of housing in ‘under-valued’ areas and to buy up foreclosed mortgages, affordable housing and even social housing stock”, said Ms. Farha.

“As a consequence, low-income and increasingly middle-income households are being evicted and priced-out of neighbourhoods,” she added.

RELATED STORIES

Global economy improving but greater policy coordination needed, UN reports

Upswing in global growth won’t last forever; IMF says world must prepare now for leaner times ahead

Photo Story: Sustainable Energy for All 2015 – 'Converting commitments to kilowatts '

FacebookTwitterYouTubeFlickrInstagramPinterestSoundcloudTumblrCuentas Oficiales de la ONU

NEWS TRACKER: PAST STORIES ON THIS ISSUE

‘Global trust’ declining, ‘our world needs stepped-up global leadership’

28 November 2018SDGs

On the eve of the G20 international forum in Argentina, and ahead of next week’s COP24 climate conference in Katowice, Poland, UN Secretary-General António Guterres has called for global leadership to be stepped up, “at a time of declining global trust.”

Better housing means better health and well-being, stress new WHO guidelines

27 November 2018Health

The World Health Organization (WHO) issued new guidelines on Tuesday, highlighting that better homes, invariably lead to better standards of health and overall well-being.

RESOURCES

Navigate the NewsInformation for BroadcastersUN System LinksMedia AlertUN JournalMeetings CoverageAudiovisual Library

SECRETARY-GENERAL

All StatementsOfficial TravelsPress EncountersSG Twitter

SPOKESPERSON'S OFFICE

Latest StatementsBriefing HighlightsBriefing TranscriptsNotes to Correspondents

FIND US

UN News AppFacebookTwitterYouTubeRSSContact UN NewsUNITED NATIONSA-Z Site IndexContactCopyrightFAQFraud AlertPrivacy NoticeTerms of UseSkip to main contentWelcome to the United NationsToggle navigationLanguage:

UN News

Search form

SearchAdvanced Search

SUBSCRIBE

AUDIO HUB

'Collective amnesia’ over causes of global financial crash - human rights expert

World Bank/ Yuri KozyrevSome of the state-built housing in Russia is in need of improvement (2007). 29 November 2018Economic Development

10 years on, governments are experiencing collective amnesia towards of one of the biggest factors behind the 2008 global financial crash –the housing crisis – which has not been addressed and is only getting worse, said Leilani Farha, UN Special Rapporteur on adequate housing, in a statement on Thursday.

Ms. Farha, an independent expert who is also Executive Director of the NGO Canada Without Poverty, released the statement as the leaders of the world’s leading industrialized countries gather in Argentina for the G20 meeting in the capital, Buenos Aires, which begins on Friday.

Even in these countries, which comprise the world’s wealthiest States, millions of people are struggling to find and maintain an adequate and affordable place to live, she said, and one quarter of the world’s urban population is living in “informal settlements.”

Ms. Farhi said that, against this backdrop, the world economy can hardly be considered stable, and that this instability is being caused by a “new global order” which treats housing as a commodity and a “financial instrument to park, grow and leverage capital.”

The Special Rapporteur called for the G20 to ensure that “financial actors and their governments are prevented from selling-off the human right to housing to the highest bidder”. She said it was key to ensure access for all to adequate, safe and affordable housing - one of the targets of Sustainable Development Goal 11, which covers sustainable cities and communities.

The right to an adequate standard of living, including adequate housing, is recognized in the UN’s Universal Declaration of Human Rights, and has since been recognized, or referred to, in other international human rights treaties.

“Governments have actively encouraged – through tax structures, laws, policies and a lack of regulations – private financial actors to purchase large swathes of housing in ‘under-valued’ areas and to buy up foreclosed mortgages, affordable housing and even social housing stock”, said Ms. Farha.

“As a consequence, low-income and increasingly middle-income households are being evicted and priced-out of neighbourhoods,” she added.

RELATED STORIES

Global economy improving but greater policy coordination needed, UN reports

Upswing in global growth won’t last forever; IMF says world must prepare now for leaner times ahead

Photo Story: Sustainable Energy for All 2015 – 'Converting commitments to kilowatts '

FacebookTwitterYouTubeFlickrInstagramPinterestSoundcloudTumblrCuentas Oficiales de la ONU

NEWS TRACKER: PAST STORIES ON THIS ISSUE

‘Global trust’ declining, ‘our world needs stepped-up global leadership’

28 November 2018SDGs

On the eve of the G20 international forum in Argentina, and ahead of next week’s COP24 climate conference in Katowice, Poland, UN Secretary-General António Guterres has called for global leadership to be stepped up, “at a time of declining global trust.”

Better housing means better health and well-being, stress new WHO guidelines

27 November 2018Health

The World Health Organization (WHO) issued new guidelines on Tuesday, highlighting that better homes, invariably lead to better standards of health and overall well-being.

RESOURCES

Navigate the NewsInformation for BroadcastersUN System LinksMedia AlertUN JournalMeetings CoverageAudiovisual Library

SECRETARY-GENERAL

All StatementsOfficial TravelsPress EncountersSG Twitter

SPOKESPERSON'S OFFICE

Latest StatementsBriefing HighlightsBriefing TranscriptsNotes to Correspondents

FIND US

UN News AppFacebookTwitterYouTubeRSSContact UN NewsUNITED NATIONSA-Z Site IndexContactCopyrightFAQFraud AlertPrivacy NoticeTerms of UseShareThis Copy and PasteSkip to main content Welcome to the United Nations Toggle navigation Language: UN News Search form Search Advanced Search   SUBSCRIBE AUDIO HUB 'Collective amnesia’ over causes of global financial crash - human rights expert World Bank/ Yuri Kozyrev Some of the state-built housing in Russia is in need of improvement (2007). 29 November 2018 Economic Development 10 years on, governments are experiencing collective amnesia towards of one of the biggest factors behind the 2008 global financial crash –the housing crisis – which has not been addressed and is only getting worse, said Leilani Farha, UN Special Rapporteur on adequate housing, in a statement on Thursday. Ms. Farha, an independent expert who is also Executive Director of the NGO Canada Without Poverty, released the statement as the leaders of the world’s leading industrialized countries gather in Argentina for the G20 meeting in the capital, Buenos Aires, which begins on Friday. Even in these countries, which comprise the world’s wealthiest States, millions of people are struggling to find and maintain an adequate and affordable place to live, she said, and one quarter of the world’s urban population is living in “informal settlements.” Ms. Farhi said that, against this backdrop, the world economy can hardly be considered stable, and that this instability is being caused by a “new global order” which treats housing as a commodity and a “financial instrument to park, grow and leverage capital.” The Special Rapporteur called for the G20 to ensure that “financial actors and their governments are prevented from selling-off the human right to housing to the highest bidder”. She said it was key to ensure access for all to adequate, safe and affordable housing - one of the targets of Sustainable Development Goal 11, which covers sustainable cities and communities. The right to an adequate standard of living, including adequate housing, is recognized in the UN’s Universal Declaration of Human Rights, and has since been recognized, or referred to, in other international human rights treaties. “Governments have actively encouraged – through tax structures, laws, policies and a lack of regulations – private financial actors to purchase large swathes of housing in ‘under-valued’ areas and to buy up foreclosed mortgages, affordable housing and even social housing stock”, said Ms. Farha. “As a consequence, low-income and increasingly middle-income households are being evicted and priced-out of neighbourhoods,” she added.   RELATED STORIES Global economy improving but greater policy coordination needed, UN reports Upswing in global growth won’t last forever; IMF says world must prepare now for leaner times ahead Photo Story: Sustainable Energy for All 2015 – 'Converting commitments to kilowatts ' Facebook Twitter YouTube Flickr Instagram Pinterest Soundcloud Tumblr Cuentas Oficiales de la ONU NEWS TRACKER: PAST STORIES ON THIS ISSUE ‘Global trust’ declining, ‘our world needs stepped-up global leadership’ 28 November 2018SDGs On the eve of the G20 international forum in Argentina, and ahead of next week’s COP24 climate conference in Katowice, Poland, UN Secretary-General António Guterres has called for global leadership to be stepped up, “at a time of declining global trust.” Better housing means better health and well-being, stress new WHO guidelines 27 November 2018Health The World Health Organization (WHO) issued new guidelines on Tuesday, highlighting that better homes, invariably lead to better standards of health and overall well-being. RESOURCES Navigate the News Information for Broadcasters UN System Links Media Alert UN Journal Meetings Coverage Audiovisual Library SECRETARY-GENERAL All Statements Official Travels Press Encounters SG Twitter SPOKESPERSON'S OFFICE Latest Statements Briefing Highlights Briefing Transcripts Notes to Correspondents FIND US UN News App Facebook Twitter YouTube RSS Contact UN News UNITED NATIONS A-Z Site IndexContactCopyrightFAQFraud AlertPrivacy NoticeTerms of Use Skip to main content Welcome to the United Nations Toggle navigation Language: UN News Search form Search Advanced Search   SUBSCRIBE AUDIO HUB 'Collective amnesia’ over causes of global financial crash - human rights expert World Bank/ Yuri Kozyrev Some of the state-built housing in Russia is in need of improvement (2007). 29 November 2018 Economic Development 10 years on, governments are experiencing collective amnesia towards of one of the biggest factors behind the 2008 global financial crash –the housing crisis – which has not been addressed and is only getting worse, said Leilani Farha, UN Special Rapporteur on adequate housing, in a statement on Thursday. Ms. Farha, an independent expert who is also Executive Director of the NGO Canada Without Poverty, released the statement as the leaders of the world’s leading industrialized countries gather in Argentina for the G20 meeting in the capital, Buenos Aires, which begins on Friday. Even in these countries, which comprise the world’s wealthiest States, millions of people are struggling to find and maintain an adequate and affordable place to live, she said, and one quarter of the world’s urban population is living in “informal settlements.” Ms. Farhi said that, against this backdrop, the world economy can hardly be considered stable, and that this instability is being caused by a “new global order” which treats housing as a commodity and a “financial instrument to park, grow and leverage capital.” The Special Rapporteur called for the G20 to ensure that “financial actors and their governments are prevented from selling-off the human right to housing to the highest bidder”. She said it was key to ensure access for all to adequate, safe and affordable housing - one of the targets of Sustainable Development Goal 11, which covers sustainable cities and communities. The right to an adequate standard of living, including adequate housing, is recognized in the UN’s Universal Declaration of Human Rights, and has since been recognized, or referred to, in other international human rights treaties. “Governments have actively encouraged – through tax structures, laws, policies and a lack of regulations – private financial actors to purchase large swathes of housing in ‘under-valued’ areas and to buy up foreclosed mortgages, affordable housing and even social housing stock”, said Ms. Farha. “As a consequence, low-income and increasingly middle-income households are being evicted and priced-out of neighbourhoods,” she added.   RELATED STORIES Global economy improving but greater policy coordination needed, UN reports Upswing in global growth won’t last forever; IMF says world must prepare now for leaner times ahead Photo Story: Sustainable Energy for All 2015 – 'Converting commitments to kilowatts ' Facebook Twitter YouTube Flickr Instagram Pinterest Soundcloud Tumblr Cuentas Oficiales de la ONU NEWS TRACKER: PAST STORIES ON THIS ISSUE ‘Global trust’ declining, ‘our world needs stepped-up global leadership’ 28 November 2018SDGs On the eve of the G20 international forum in Argentina, and ahead of next week’s COP24 climate conference in Katowice, Poland, UN Secretary-General António Guterres has called for global leadership to be stepped up, “at a time of declining global trust.” Better housing means better health and well-being, stress new WHO guidelines 27 November 2018Health The World Health Organization (WHO) issued new guidelines on Tuesday, highlighting that better homes, invariably lead to better standards of health and overall well-being. RESOURCES Navigate the News Information for Broadcasters UN System Links Media Alert UN Journal Meetings Coverage Audiovisual Library SECRETARY-GENERAL All Statements Official Travels Press Encounters SG Twitter SPOKESPERSON'S OFFICE Latest Statements Briefing Highlights Briefing Transcripts Notes to Correspondents FIND US UN News App Facebook Twitter YouTube RSS Contact UN News UNITED NATIONS A-Z Site IndexContactCopyrightFAQFraud AlertPrivacy NoticeTerms of UseShareThis Copy and Paste

Write to Us:

Advisory Committee: Yves Berthelot (France),  PV Rajagopal (India), Vandana Shiva (India), Oliver de Schutter (Belgium), Mazide N’Diaye (Senegal), Gabriela Monteiro (Brazil), Irakli Kakabadze (Georgia), Anne Pearson (Canada), Liz Theoharis (USA), Sulak Sivaraksa (Thailand), Jagat Basnet (Nepal), Miloon Kothari (India),  Irene Santiago (Philippines), Arsen Kharatyan (Armenia), Margrit Hugentobler (Switzerland), Jill Carr-Harris (Canada/India), Reva Joshee (Canada), Sonia Deotto (Mexico/Italy),Benjamin Joyeux (Geneva/France), Aneesh Thillenkery, Ramesh Sharma, Ran Singh (India)