although housing crises have smoldered across the high-income world for a decade, they have generally ranked low on the political agenda. That may be changing, with reports suggesting Spanish Prime Minister Pedro Sánchez is considering an early election to resolve mounting discontent over spiraling rents. The rejection of his flagship housing bill by parliament on Friday sparked mass protests, notably the case of 87-year-old Maricarmen Abascal, evicted from her rent-controlled flat after a corporate landlord sought to raise rent above her pension income.
Much anger has centered on "vulture funds" in the rental market, though policymakers and tenants must recognize a deeper problem: acute housing shortages. In the UK and Ireland, similar protests oppose evictions not only by corporate landlords but by local councils moving rent-controlled properties to new low-income tenants after former occupants pass away or leave. Family members often refuse to vacate.
While specifics differ, these cases all stem from the same fundamental issue: a severe lack of properties. Landlords, whether corporate or individual, raise rents only when confident they will find paying tenants. Bidding wars from shortages provide fertile ground.
Spain has built fewer homes per capita than virtually any other high-income country over the past decade. More than 50 percent of young adults now live with parents, up from 33 percent in 2005, and rents have risen steeply. The government's proposals so far amount to a patchwork of sticking plasters that address symptoms but not the underlying cause.
Stronger tenant protections and investment bans will not ease shortage-driven pressure. Nor will they house millions of young adults forced to share roofs with parents. Spain's problems exist on both supply and demand sides.
Its housebuilding crunch has coincided with a population boom fueled by Sánchez's effort to boost immigration. Surging tourist and digital nomad inflows mean market-clearing rent is often set by affluent visitor incomes, not local ones. Courting overseas workers and high-spending visitors is sound economic policy, but requires a joined-up approach with much greater housebuilding, potentially funded by increased tourist taxes.
出典: Financial Times Companies · 要約：HeadlinesBriefing