# Senior Research Scholar Alain Bertaud's introduction to the 15th Annual Demographia International Housing Affordability Survey is covered

1 School News January 21, 2019 ![Mingtiandi logo](/sites/default/files/styles/246w/public/assets/images/Mingtiandi-logo-feature.jpg?itok=5AuZ4XVj)>

Excerpt from [Mingtiandi](https://www.mingtiandi.com/real-estate/china-real-estate-research-policy/hong-kong-housing-affordability/) -- "'High housing prices misallocate resources toward real estate at the expense of the rest of the economy,' Bertaud pointed out. 'This misallocation could eventually significantly slow down economic growth and causes a housing bubble to burst, freezing investments in the entire economy. Japan, has not yet completely recovered from its asset bubble created in the 1980s.'"

[Read more](https://www.mingtiandi.com/real-estate/china-real-estate-research-policy/hong-kong-housing-affordability/)