Spain housing: Colau plans to expropriate fund homes
In Málaga, Spain, Ada Colau is proposing a law to expropriate homes owned by big corporate landlords, starting with firms that hold more than 1,000 homes. On Friday, 6 November, the Frente Amplio candidate for prime minister says the plan will go into her coalition’s manifesto for Spain’s 29 November general election. Its aim, she says, is to recover homes bought by investment funds.
Colau accuses foreign funds of buying homes cheaply in bulk and then charging excessive prices. She says an expropriation law is feasible. For now, it is an election pledge, not a law.
Big landlords first
The proposed law would be introduced in stages. It would first cover companies with more than 1,000 homes, then those with more than 700, and finally those with more than 50. Frente Amplio says it would apply only to corporate owners. Families with their own home or a flat they rent out would be exempt.
Other housing plans
The coalition also wants to put all Sareb urban properties and residential land into the public housing stock. On Thursday, it proposed a 2% tax on total wealth for people with more than €1 million, rising to 3% for those with more than €50 million.
Source: Europa Press / Mallorca.com