Cape Town, the most expensive city in Africa for real estate, is taking drastic measures to address a severe shortage of affordable housing that has been exacerbated by a massive influx of middle-class families from other parts of South Africa. The city's residential property market, valued at 1.2 trillion rand ($64 billion), is under immense pressure, with home prices skyrocketing 30% in the past five years.

The city's mayor, Geordin Hill-Lewis, revealed that over 100,000 families have moved to Cape Town from elsewhere in South Africa over the past two years, putting a strain on the city's housing supply. This influx has priced locals out of the market, with luxury properties, including those on the affluent Atlantic Seaboard region, selling for an average of $5,600 per square meter.

To address the crisis, the city plans to streamline property development by changing municipal planning by-laws, which will take effect in July or August. The goal is to fast-track property development and reduce the approval process from two years to a significantly shorter timeframe. Additionally, the city will invest 120 billion rand in infrastructure, including power, water, and transport networks, over the next 12 years.

The mayor also announced plans to increase visible policing and implement other measures to combat crime, which has been a major concern for residents. The city's efforts to address the housing shortage and improve infrastructure are expected to have a significant impact on the local economy and quality of life for residents.

Cape Town's housing crisis is not unique to the city, with many African cities facing similar challenges. However, the city's proactive approach to addressing the issue could serve as a model for other cities on the continent. The city's efforts to balance the need for affordable housing with the demand for luxury properties will be closely watched by developers, investors, and policymakers.

The impact of the city's plans on the local real estate market will be significant, with developers and investors likely to benefit from the streamlined approval process and increased investment in infrastructure. However, the city's efforts to address the housing shortage will also require careful planning and coordination to ensure that the needs of all residents are taken into account.

As Cape Town navigates the complex challenges of urbanization and affordable housing, its success or failure will have far-reaching implications for cities across Africa. The city's ability to balance economic growth with social equity will be a key factor in determining the success of its efforts to address the housing crisis.