As the U.S. runs low on affordable homes and the renter nation grows, there’s a different kind of housing shortage in Hong Kong. With 7 million residents and just 427 square miles of space, Hong Kong is simply running out of room to build new homes, so the government is pushing ahead with a massive project to create new real estate… underground.
Hong Kong is already one of the most expensive cities in the world. It’s densely populated with a booming economy and an average home price of almost $2 million U.S. dollars. And there’s nowhere to build more homes. But this real estate story is not about creating a subterranean world of cave dwellers. It’s about the building of non-residential facilities underground to make more room on the surface for humans.
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