Good article about this issue. It is focusing on Portugal where the average young professional salary is somewhere around 1000Euros/Month. Same situation here in the U.S., with the wealthy and corporations snapping up all decent location properties and using as short-term rentals. If the younger people could find properties at affordable prices, everyone would be better off. Seems like salaries will never keep up with the current situation where fewer and fewer properties are available for long-term leases or purchase at realistic prices.
Was not behind paywall that I saw.
Bid to attract foreign money backfires as rental market goes crazy
Snippet: “Portugal’s economic recovery, fuelled by deregulation and a series of schemes designed to lure foreign investment, has distorted the housing market beyond all recognition in a place where the monthly minimum wage is €760 and where 50% of people earn less than €1,000 a month.”
“Six years ago, the UN’s special rapporteur on housing warned that “unbridled touristification” would undermine the right to housing for Portugal’s most vulnerable people and predicted that the deterioration of housing and living conditions would give rise to the emergence of a “new poor”.”