Hong Kong has one of the worst housing crises in the world, with property prices so high that a single parking spot sold for $664,000 last year and all but the wealthiest are stuck renting tiny apartments with an ever-proliferating range of colorful names: micro-flats, nano apartments, coffin apartments, and cage homes.
It’s gotten so bad that the city has been ranked the least affordable city for housing in the world for eight years running, according to the Annual Demographia International Housing Affordability Survey.
“We are facing a tangible affordability problem in our cities,” architect James Law told Business Insider. “It is almost beyond the reach of most people to afford to live in a proper home in Hong Kong
Law thinks he may have a solution: a retro-fitted concrete water pipe.
The idea came to him last August when he was overseeing a construction site.