When we talk about Europe's housing crisis, what are we really talking about? On one level, it is a material crisis of bricks and mortar: between 2010 and 2023, construction costs for new residencies in the EU rose by 52%.

On another level, it is a market crisis of supply and demand: building permits in the EU are down by more than 20% in the last 5 years, while house prices have risen by more than 20% in the past decade.

But at its deepest level, it is a moral crisis of basic dignity and human values: a crisis of young people without prospects, working people without security, vulnerable people without a home.

At every level, this is a crisis that Europe simply cannot afford.

In meeting this challenge - which presents a generational challenge for our society and a defining test for our democracy - the EU can make a positive and pragmatic difference.

In the coming months, I will put forward an Affordable Housing Plan for Europe, which will set out the practical steps we can take together to make affordable, sustainable, and decent homes a reality for all.

First of all, we aim to unleash a new wave of investment. We plan to inject more resources from the EU budget and to revise state aid rules, so that countries, cities, and regions can direct more public funds towards social and affordable housing. Of course, private investment plays a vital role to supply housing - we must ensure that these investments deliver stable returns, while safeguarding the rights of our citizens. We will therefore unlock new, alternative financing models while also confronting the financialisaton of our housing stock. The pan-European investment platform, which we are working on with the European Investment Bank and other financial institutions, is an important first step.

Our plan will also include actions to cut red tape: when it comes to planning, permitting, and procurement, it is time to bulldoze through all unnecessary barriers.

Unnecessary barriers between Member States must also be removed. Every hour in Europe, we produce over 18 thousand tonnes of cement. Every year, we produce around 170 million cubic metres of wood for construction. We have over 27 million workers in the sector - carpenters and bricklayers, engineers and electricians. By truly unlocking our single market, we can mobilise these resources and use them to their full potential across Europe.

In addition, our plan will outline specific steps to support cities and regions under pressure, including new legislation on short-term rentals. This is a complex issue. Renting a second home or a room in a family house brings additional revenue for households. But we can't let abusive practices push out locals of their neighborhoods. We will strike the right balance with a firm but fair approach.

And we will not forget those most deeply impacted by this crisis, such as our young people, especially students, and those without a home. We will put forward concrete, ambitious actions to ensure that housing is not a privilege for the few, but a fundamental right for all.

For example, we have cities in Europe that have successfully reduced homelessness through pragmatic steps that can be replicated. Our plan will enable a wider and easier exchange of best practices, so we can share and adapt solutions like these to each and every city in Europe.

These are just some of the pillars of our plan, which I hope will become the foundations of a new future for housing in Europe. Building this future will not be easy - but that is all the more reason why we need to build it together. Because the housing crisis presents fundamental questions about who we are in Europe - about our values, our society, and our democracy. It is time for us, as Europe, to deliver a response.

Dan Jørgensen is the Danish Commissioner responsible for energy and housing in the European Commission.