Hundreds of people crowded a central Madrid street as musicians regaled them with tunes from balconies above to support more than 50 families who face eviction from a building activists say is being eyed for tourist accommodation.
The four-storey complex in the multicultural Lavapies neighbourhood on Saturday hosted performances of jazz, flamenco or poetry in each apartment, while protesters outside chanted: “Neighbourhoods aren’t for sale, they’re to be protected.”
As in other European cities, Madrid’s gentrification has been unfolding for years, pushing locals out as private developers turn homes into luxury flats and short-term rentals. There are now 62,580 beds in short-term rentals in Madrid, travel industry group Exceltur said.
According to Madrid’s tenants union, real estate investment trust Elix Rental Housing and asset manager AltamarCAM are looking to buy the building, with Elix’s board expected to approve the deal on February 13.
Neither Elix nor AltamarCAM replied to a request for comment.
Jaime Otayza, who lives in the building, said residents had found out about Elix’s plans after they were leaked to the media. “These funds want to keep a low media profile for these kinds of purchases. So if they want silence, we decided we’re going to make noise,” he said.
Joana Iglesias, a 35-year-old single mother of three, said finding somewhere else to live with her salary would be impossible due to the capital’s soaring rentals.
Rent prices in Spain are at their highest ever — having risen 10.8% in 2023 — with Madrid the second-most expensive city after Barcelona, data from online real estate platform Idealista showed.
“It’s becoming harder and harder to live in this city,” said another resident, 40-year-old screenwriter Cristina Gomez.
Carlos Martin, a legislator for the government’s junior coalition partner Sumar, said his party would push to curb tourist apartments in areas with high housing stress and exclude from certain tax benefits for landlords who overcharge.
He added that other measures such as forcing buyers to live for at least five years in the flat they purchase were also on the table.
This comes as Canada on Sunday announced a two-year extension to a ban on foreign ownership of Canadian housing, saying the step was aimed at addressing worries about Canadians being priced out of housing markets in cities and towns across the country.
Immigration pressures
Canada is facing a housing affordability crisis, which has been blamed on an increase in migrants and international students, fuelling demand for homes just as rising costs have slowed construction.
“As part of using all possible tools to make housing more affordable for Canadians, the ban on foreign ownership of Canadian housing, which is set to expire on January 1, 2025, will be extended to January 1 2027,” Canada’s deputy prime minister Chrystia Freeland said in a statement.
The Canadian government has said foreign ownership has also fuelled worries about Canadians being priced out of housing markets in cities and towns across the country.
Last month, Canada announced an immediate, two-year cap on international student permits and said it would also stop giving work permits to some students after graduation as it seeks to rein in record numbers of newcomers seen aggravating a housing crisis.
Rapid population growth fuelled by immigration has put pressure on services such as healthcare and education, and has helped drive up housing costs. These issues have weighed on Liberal Prime Minister Justin Trudeau’s support, with opinion polls showing he would lose an election if one were held now.
Reuters
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