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
While skeptics often draw comparisons, the outcome of the AI boom may be different.
10 hours ago
The guest said that she did not really care about the item for about 20 years after finding it.
10 hours ago
The economist noted that smaller businesses had no choice but to lay people off as costs increased.
11 hours ago
Thousands cannot afford to pay so much for groceries and are being creative with what they have.
11 hours ago
Customers who might have purchased the product would do well to throw it away or get a refund.
15 hours ago
This is an alarming revelation as the American people are not getting jobs despite the vacancies.
17 hours ago
"It's about time we finally got a win tonight. Way to go Keisha!!!" a fan reacted.
23 hours ago
The store will also close its doors earlier than usual the day before the holiday.
1 day ago
The retailer is known to go to great lengths to keep its loyal customers happy.
1 day ago
Congress is yet to make a decision about the matter and time is running out.
1 day ago
Experts aren't sure if the plan will reduce car prices as the administration has envisioned.
1 day ago
This is not the first time in the recent past that blood pressure medication has been recalled.
1 day ago
The popular food chain has seen some tough times in recent weeks and wants to rebound.
1 day ago
"Will the Bonus Round winner tomorrow night edition on Wheel of Fortune!" a fan reacted to the losing streak.
1 day ago
Costco is one of the biggest retailers in the country and competitors would love to see them fall.
2 days ago
There were 15 reports of overheating and 11 of them led to injury and property damage.
2 days ago
Several people were unhappy with these practices as they would be considered unethical.
2 days ago
The plan allows people to save and invest a part of their income tax-free until retirement.
2 days ago
This will definitely interest a lot of shoppers as the product in question is a hit during spring.
2 days ago
"She was THAT close to win the bonus round, just ran out of time. That’s gotta hurt," a fan reacted.
2 days ago