For many families in Spain, the dream of a stable home is under serious threat. Jaime Oteyza, an architect with a 12-year history on Tribulete Street No.7, now faces a heart-wrenching decision. He lives there with his partner and two young children, and his story has become a symbol of local resistance.
An investment fund known as Elix Rental Homes—dubbed a “vulture fund” by neighbors—bought an entire block of 52 flats from a family-owned building. Their plan? To convert these homes into luxury apartments or tourist lets, sparking fierce opposition from residents who rely on affordable housing.
Jaime expressed his concerns: "I've been living here for 12 years, I have two young children. If we lose our home then finding another one here where our kids go to school will be double the price of rent, and buying? We can’t buy at these prices." His words capture a distressing reality, as soaring rent and property prices leave little room for long-term community stability. 😟
This crisis is more than just about rising costs—it's a struggle to maintain a sense of community in the face of rapid real estate changes. For young professionals and socially conscious urban dwellers across South and Southeast Asia, this story echoes similar challenges faced in booming cities around the world. 🏠💔
Reference(s):
‘They want us out for tourist lets’ – Spain’s homes crisis worsens
cgtn.com
