Protesters blame 'vulture funds' for Spain's housing crisis
Hundreds have pitched their tents in central Madrid, while the Spanish prime minister has called a snap election.
A 21-year-old university graduate named Pierina Nicuray has been protesting in Madrid's Puerta del Sol square for a week about Spain's housing crisis. She believes the issue stems from a lack of homes, as well as landlords profiting from rising rental prices and the rise of Airbnb. Another protester, a 19-year-old film-dubbing student named Jorge Moreno, echoes this sentiment, stating that empty homes owned by vulture funds and investment firms are driving up rents.
These concerns are shared by ordinary Spaniards and even the Spanish government, who recently proposed emergency measures to address the housing problem. However, these reforms were rejected by Congress, prompting the Prime Minister to call for a snap election next month. The crisis began with the evicted 87-year-old Maricarmen Abascal after her home was sold to an investment firm and her rent was sharply increased, which she could not pay.
Carmen Pérez, a retired widow who has lived in Spain for 17 years, has also been affected by the soaring rental market. Spain has seen an average rental cost increase of 84% over the past decade, with some areas experiencing increases of over 150%. The Centre for Sociological Research's study found that 72% of Spaniards want higher taxes for those with multiple properties, 76% support limits on short-term tourist accommodations, and 40% advocate for the expropriation of empty homes.
However, experts argue that the primary cause of rising rents is the shortage of supply compared to demand, with around 750,000 homes missing in Spain. Demographic changes, including the arrival of new households, have also contributed to the imbalance.
Written by urgent.news from BBC World's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
