This represents both deficits in the quality of that lack title, water, sewerage, adequate flooring, or sufficient space and a shortage of 16 million new homes (29 percent) that need to be built to lessen overcrowding and house the homeless.7 Although the region has made strides in neighborhood upgrading, 21 percent of the urban population—over 100 million residents—live in informal settlements.8 Adequate housing is a basic human right and a key element to reducing poverty.