Keeping Life Affordable in Asia’s Fast-Growing Cities
Author Richard Florida (left) poses for a photo at the 2018 ULI Asia Pacific Summit in Hong Kong with attendee Mei Lin Yeo of YTL Singapore.
Growing cities such as Hong Kong are at the epicenter of what Richard Florida has dubbed “the new urban crisis,” with the city’s success sending house prices soaring out of reach of the average resident. The author and urbanist, who is director of cities at the Martin Prosperity Institute at the University of Toronto, spoke at the 2018 ULI Asia Pacific Summit in Hong Kong.
“We’re going through the largest disruption in human history as power shifts from nation-states to cities and city clusters,” Florida said. About 40 cities and city clusters around the world have become the engines of global growth, Florida said, noting that this evolving paradigm will require a new approach to real estate development, city building, and placemaking.
Richard Florida on stage speaking at the 2018 ULI Asia Pacific Summit.
Building on his earlier theory that the “creative classes” in major cities generate the bulk of growth, Florida noted that political upheaval in the United States and Europe was a reaction from those left behind. According to his data, Hong Kong has 38 percent
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