Some of the demands of the protesters include the immediate lowering of rental prices with a reduction of up to 50%, the revamping of 3.8 million vacant homes, and the prohibition of evictions of vulnerable families.
Some of the demands of the protesters include the immediate lowering of rental prices with a reduction of up to 50%, the revamping of 3.8 million vacant homes, and the prohibition of evictions of vulnerable families.
Tax property by extra-EU owners at the tune of 10% a year and watch the housing crisis evaporate. In the South of Europe, merican capital has wrecked havoc in the rental market for over 10y now. I distinctly remember Madrid being gobbled up by merican private equity.
Include a clause for local companies with extra EU private equity, that one will hurt. It’s easy to fudge the accounting when you establish a local shell to parasitise the local rental markets, we need to hone in on shell companies that occlude the real ownership.
Points for acknowledging the obvious loophole, but ultimately you’re assuming EU investors wouldn’t jump in to fill the vacuum.
There are other tools to move the needle here (some of which these protestors are requesting explicitly). Ultimately you don’t care as much about the source of capital as you do about the practice.
Housing as a vehicle for capital wealth generation is what needs to be banned. Every house you own but don’t live in is taxed an increasing 10% every year, no limit.