Housing Crisis Protests in Madrid
Workers in greater Madrid (population 3.2 million) have been on the streets protesting against vulture fund landlords who are buying up cheap properties as investments and raising rents.
On 10th October thousands of workers marched through the streets of Madrid demanding affordable housing. The protest was punctuated by protesters holding banners saying, "lower prices" and individuals chanting slogans such as, "If prices do not fall, rent strike."
More than half of a worker’s salary in the city and municipality of Madrid goes towards housing, and it’s severely affecting residents' quality of life. This difficulty is compounded by low wages. In Madrid, 50% of the population earn 2,950 EUR or less per month while 1 in 5 of workers earn 2,030 EUR or less.
Tenants' union spokesperson Valeria Racu warned landlords and real estate firms that their "impunity is over," while hinting at a possible rent strike. "If you keep raising prices, we will stop paying them, and there will be no police, courts, or thugs to evict us all," she said. The social housing stock in Spain is far below EU average, and in Madrid alone as many as 48,000 people are on a waiting list for social housing.
According to a recent Bank of Spain report, about 45% of people living in rented accommodation are ‘at risk of poverty or social exclusion’ (a statistical phrase meaning ‘poor, verging on impoverished’). This is the highest proportion in Europe. The extent of the problem in Spain is masked by young Spaniards living with their parents for longer. More than 60% of 18-34-year-olds in Spain live in the family home.
The protesters also targeted the vulture funds —investment companies that invest in poorly performing and therefore undervalued properties Speakers accused them of evicting long-time residents without offering alternatives, pointing out specific buildings owned by these funds and highlighting the threat they pose to affordable housing.
In addition, they pointed the finger at the speculative use of property in tourism, through the use of housing as tourist flats, hotels and ‘luxury apartments’.
Protesters directed their anger at government officials as well as landlords. They called for the resignation of Housing Minister Isabel Rodríguez and accused her of inaction during the housing crisis. Conservative president of the regional government, the Community of Madrid, Isabel Díaz Ayuso, was also targeted for opposing the social democratic national housing law aimed at capping sky-high rents and addressing the housing crisis.
In the Workers of the World section of this website, the Communist Party of the Workers of Spain explains why the social democratic legislation is more than inadequate and outlines the response of communists in the current crisis.