Protesters blame 'vulture funds' for Spain's housing crisis

Pierina Nicuray, a 21-year-old university graduate, has spent a week camped out in Madrid's Puerta del Sol square. Like many of the hundreds of others who have pitched their tents here to protest at Spain's housing crisis, she firmly believes the cause is clear: "It's the same problem as always," she states. "A lack of homes." She adds, "Landlords are taking advantage of the situation to raise rentals, and then there's also Airbnb."

Jorge Moreno, a 19-year-old film-dubbing student, shares her sentiments. He has also been living in a tent in central Madrid for the past few days. "There are so many homes standing empty because they have been bought by vulture funds and investment funds which hike up the rent of people living in properties until they get rid of them," he explains. Jorge, who lives with his mother, fears it will be a long time before he can afford a home of his own. "They've been making a business of housing for a long time," he adds. "But it's an abusive business which stops Spaniards from being able to live in a decent home."

These concerns echo the sentiments of many protesters, ordinary Spaniards, and even the Spanish government. Recently, Socialist Prime Minister Pedro Sánchez presented a package of emergency measures aimed at tackling the housing problem, stating he was legislating "against those who consider housing just another object on the market with which to speculate." However, these reforms were rejected by Congress, prompting Sánchez to call a snap election next month.

The current Spanish housing protest movement was ignited by the case of 87-year-old Maricarmen Abascal, who was evicted from her home after the investment firm that bought it attempted to persuade her to leave and subsequently raised her rent, which she could not afford. Although the backlash led the company to invite Abascal to return, she never did and passed away in the hospital on Wednesday.