Valencia Protects Renters By ‘Paralysing Vulture Funds’

VALENCIA protects renters ‘paralysing vulture funds’ and preventing them buying up entire buildings
Valencia has already prevented ‘vulture funds’ from buying up entire buildings to turn into tourist apartments in the historic city centre and now the Councillor for Housing, Isabel Lozano, has announced her intention to suspend licences for tourist apartments on entire buildings in 37 neighbourhoods throughout the city. Her aim, she said, is to “paralyse speculative movements of vulture funds and large corporations that, in order to carry out their activity, expel residents from the city’s neighbourhoods, as is the case now on Calle Turia, with expulsion not only from residences but also from businesses.”
The councillor is referring to two buildings on Calle Turia where 16 families of renters are facing eviction so that their homes can be turned into 32 tourist apartments and a hotel with 111 beds.
To prevent this kind of mass buying-out of buildings and the subsequent eviction of tenants, Councillor Lozano has proposed suspending the processing and granting of licences for new apartment buildings which are exclusively for tourists use in certain areas for the next two years. She is hoping that her measure will be approved at the next municipal plenary session in April so that it can be enforced as soon as possible.
Lozano explained that “this measure is aimed at paralyzing the speculative actions of investment funds that are dedicated to buying entire residential buildings to use as tourist apartments. We cannot impassively attend the expulsion of residents from our neighbourhoods,” she said, and added that the priority is “to protect the residential life of the city of Valencia”.
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