ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / ECONOMY & WORK

'World's most livable city' follows an incredible approach to affordable housing that started in 1920s

Citizens can choose from a diverse range of affordable homes with great amenities here
PUBLISHED AUG 27, 2024
Representative Image Source: Vienna, Austria | Unsplash | Jacek Dylag
Representative Image Source: Vienna, Austria | Unsplash | Jacek Dylag

Vienna, the capital of Austria, is known as one of the most beautiful cities on the planet. But that's not the only thing that makes the city the most livable in the world. The city has once again clinched the title of the most liveable city, per the latest report from the Economist Intelligence Unit released in June.

Representative Image Source: Pexels | Vish Pix
Representative Image Source: Pexels | Vish Pix

According to the report, the capital, which had slipped down in the ranking back in 2021 due to the pandemic, is back on top and many are saying that it's because of their one strategic approach -- "affordable housing."

Vienna residents can choose from a diverse range of affordable homes with great amenities because of the government-regulated social housing program, which started in the 1920s when the country was facing a huge housing and economic crisis. 

Representative Image Source: Vienna, Austria | Unsplash | Jacek Dylag
Representative Image Source: Vienna, Austria | Unsplash | Jacek Dylag

Today, these government spaces are home to more than 60% of the Viennese population. The concept of treating housing as one of the basic human needs has driven the government to pour money into building beautiful multi-storey apartments each having separate green spaces and playgrounds. They offer easy access to medical facilities, schools, post offices, and theaters. The idea of government housing is so well thought out and implemented that there is no stigma attached to public housing, as they are very comfortable for people to live in. 

Even when other cities in Europe began to privatize and commodify housing, the country stuck to their approach which has led them to become one of the most livable cities in a world where almost everyone is struggling with rising housing prices



 

Moreover, the country ranks among the top countries on the Global Peace Index, thanks to the safety and security here. The capital sees fewer violent crimes. The risk of theft, vandalism, and racial violence is also low. The city is also known for having advanced surveillance systems, regular police patrols, and emergency buttons in metro stations.

The city is set along the banks of the River Danube and is also known for its lush greenery. In recent years, Vienna has come a long way with decarbonizing and promoting sustainability. As per Wien.com, about a third of the city's energy needs are met by renewable sources, and the country aims to be carbon neutral by 2040. The city has also become a business hub, attracting many companies as well as employees. Workers love it in Vienna for many reasons like five weeks of holiday per year.

Companies like IBM, Capgemini, and Hewlett-Packard have long had offices in the city. Workers also love how easy it is to get around the city. The government transport system, 'Öffis' offers an efficient and budget-friendly way to navigate the city. The baroque architecture, classical culture, Michelin star-rated dining, and museums also contribute to the high quality of life in the city. 



 

"The attitude there is so different than what we have in the United States. We have it ingrained that public things are supposed to be nasty, supposed to be the lowest of the low. But to see what we saw in Vienna, it was like, wow, it is achievable to have government-owned housing, for the people, and beautiful," Julie Cohon, lead housing organizer at Northwest Bronx Community and Clergy Coalition, said, per The Nation.

MORE ON MARKET REALIST
Vance has had varied opinions about the technology in the last year, some good and some bad.
5 hours ago
The studio audience loved the segment as they cheered the two on whole-heartedly.
6 hours ago
While Warsh compared the current situation with the internet boom, economists differ on the opinion.
6 hours ago
He suggested some changes to be made to the 401(k) scheme to help Americans save more.
8 hours ago
The retailer reverted to a traditional method of doing retail business, which many have hailed.
9 hours ago
Costco's notice comes several days after the gift card provider filed for bankruptcy.
10 hours ago
Industries that are susceptible to automation include manufacturing, lodging, catering, retail, wholesale, and extraction.
12 hours ago
The man in question even went on national television to criticize exactly what he ended up doing.
1 day ago
The country had added 130,000 jobs in January and inflation remained at 2.5%.
1 day ago
Harvey says chitlins are the reason he can “never get COVID.”
1 day ago
The administration has been urged to roll back their policies and lower costs for tourists.
1 day ago
The product might contain a toxin that is produced by mold in fruits, especially apples.
1 day ago
US energy policy under Trump intends to lift drilling restrictions and deregulate to lower equilibrium oil prices.
1 day ago
The product was produced on January 14 and distributed to a number of states.
1 day ago
While the hefty tax refunds can boost consumer spending, the demand may also drive up inflation.
1 day ago
The government site further stated that the recall concerns MK04 air purifiers, with serial numbers beginning with "BN."
1 day ago
Goldman Sachs CEO David Solomon also spoke about how the IPO activity in the US is now gaining momentum.
2 days ago
Last year, Hyatt Hotels Corporation decided to pause the complimentary breakfast at about 40 locations.
2 days ago
Many companies in the U.S. are now using enterprise AI systems that learn how an employee works.
2 days ago
Some Americans may see smaller refunds this year compared to the past few years.
2 days ago