For a family, having a place to call home is everything. Housing tends to be a family’s most important asset – often, in fact, their only asset, especially for the poor. But more than a home, housing is also the workplace, collateral for loans and an important vehicle for job creation. In the U.S., housing contributes more than 15% of the GDP.
The dream of housing, however, can quickly turn into a nightmare – for both families and for governments. Disasters can erase decades of progress in reform and poverty reduction in a matter of seconds, hurting the poor and vulnerable the most. A review of the World Bank’s Post-Disaster Needs Assessments (PDNAs) since 2000 shows that housing comprises 40%-90% of damages to private property.