A new report presented at the RICS International Summit in São Paulo, Brazil, did not arrive with a Welcome mat attached. The upshot of the study: The lack of affordable housing is a universal problem.

Not surprisingly, the most notable shortages of adequate housing were found in developing nations, where the housing stock has failed to keep pace with economic development. In advanced economies, rising income inequalities and a tendency for housing prices to rise faster than incomes have posed difficulties for the young and poor in their search for a place to live.

RICS president Michael Newey says the report investigates how housing demand and supply in three of the BRIC economies — Brazil, China and India — have been affected by economic growth. It