Housing is also a right

As with mobile phones, sometimes we have to state the obvious: phones, besides being used to watch movies and series or to take photos, are also used for talking. Well, the time has come to do the same with housing, when it seems we've lost sight of its function. We mustn't forget that, in addition to being a commodity, as used by those seeking very high returns in the shortest possible time, it is also a right that, in one way or another, the authorities must monitor and protect. The Spanish Constitution enshrines this in Article 47: "All Spaniards have the right to enjoy decent and adequate housing. The public authorities must promote the necessary conditions and establish the relevant regulations to make this right effective, and must regulate land use in accordance with the general interest to prevent speculation."

The evolution of the market in Catalonia and, in particular, in the Barcelona region October's figures serve as a stark warning, deviating from the established constitutional framework. As many, if not more, apartments are being sold than at the height of the housing bubble, although the context is different: prices are inflated, but debt is not at the explosive level it was 17 years ago. Demand far exceeds supply, but not all of it is financed through mortgages, which haven't reached their peak. A significant amount of money is being channeled into the real estate sector, seeking a return perceived as more secure than other assets. The problem is that, in the current situation, the right to housing is being diminished in favor of its status as an asset, or one subject solely to the laws of supply and demand. Public initiatives are needed to create a more balanced supply. Progress has begun, but it must be accelerated to prevent the exclusion of thousands of citizens.

In this country, problems are often considered solved once legislation is passed, but the fact is that it's not enough to fill volumes with regulations; we must ensure they are enforced, otherwise they become worthless. It seems that's precisely what's happening. with the boom of coliving irregular in Barcelona To avoid complying with the rule that 30% of a major renovation must be allocated to social housing, the aim is to squeeze every last drop of profit from each apartment. After all, if left unchecked, it amounts to selling each piece (and, if possible, as small as possible) for the price of the whole thing.

And the result is that the potential supply of long-term rentals is diverted to other, more profitable options, such as tourist or seasonal rentals, or renting rooms. And those looking for a home—those with sufficient purchasing power—opt to buy because rentals are very scarce (sometimes almost nonexistent) and, therefore, very expensive; whereas in an environment of cheaper mortgages, buying is more attractive, provided one has the necessary 20% down payment. That's why, although there is genuine growth in loans for home purchases, Spain is also among the countries with the highest percentage of rejected applications, as a recent report from the Bank of Spain stated.