Madrid housing crisis sparks protests

Hundreds have established a protest camp in Puerta del Sol square, against Spain's housing crisis, following a large march. The immediate trigger was the recent eviction of Maricarmen Abascal, an 87-year-old woman removed from her apartment of seven decades. She faced removal after her building was sold to an investment fund seeking to renovate and increase rents. Her case symbolizes growing pressure on long-term tenants and housing challenges. Demonstrators voice discontent over a housing market dominated by speculative investments. These often involve large institutional funds acquiring properties, leading to rapid price increases. Average rental prices in major Spanish cities have surged, doubling in some areas over the past decade, outpacing wage growth. Making it difficult for many, especially young people and low-income families, to secure affordable accommodation. The Bank of Spain estimated a shortage of 550,000 homes last year, with limited new construction and many properties held vacant. Tourism and immigration adding pressure on limited supply. Activists demand government intervention: stronger tenant protections, anti-fraud rules, and eviction bans without alternative housing. They advocate for indefinite rental contracts and increased social housing, as Spain ranks significantly lower than the EU average, with only about 2.5% of its housing stock being social housing, compared to an EU average closer to 10%. Sánchez's government is expected to announce new measures, potentially automatic renewal of rental contracts and further eviction restrictions. Parliamentary approval remains uncertain. The Puerta del Sol encampment is an emblem of frustration. Protesters vow to remain until policy changes are enacted. Their presence underscores a national challenge, demanding policies ensuring housing security for all, not solely as a commodity.