EU to unveil new measures to address housing crisis: Report

The European Commission plans to launch a new package of measures aimed at addressing the housing crisis across the bloc, the Irish broadcaster RTE reported Tuesday.

Draft proposals seen by RTE show that the EU fiscal rules could be eased to allow increased public spending on affordable housing, while also addressing the impact of short-term rentals on the housing market.

As EU officials reportedly point to an annual need of 650,000 units to close the housing gap caused by rising construction costs and supply disruptions, the proposals also aim to cut administrative burdens in the construction sector and make raw materials cheaper and more readily available.

According to a European Council report issued in early December, 1 in 10 Europeans is unable to pay rent or mortgage on time, as housing prices in the bloc have increased by up to 60% on average since 2015.