Spain's Housing Crisis Grows as 87-Year-Old Evicted Over Rent Hike

At Madrid's Puerta del Sol, a prolonged occupation has been underway, with protesters camping out in a bid to pressure the government into tackling the growing issue of vulture funds. The situation took a personal turn for 87-year-old Maricarmen Abascal.

Who was forcibly removed from her home after an investment firm, which had acquired the property, attempted to persuade her to vacate. Her rent was subsequently raised, leaving her unable to afford the increased cost.

"It's the same problem as always," says Pierina Nicuray, a 21-year-old university graduate who has been living in a tent here for the past week. "A lack of homes." She adds: "Landlords are taking advantage of the situation to raise rentals, and then there's also Airbnb."

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Nicuray and fellow protesters point to Abascal's case as proof that profit-driven practices are at the heart of the crisis. The 17-year-old Carmen Pérez, a retired widow from Ecuador, has been living in Spain for 17 years and has seen housing costs rise by 84% over the last decade.

"When it comes to explaining the rise in rentals, that is not the big cause," says Jorge Galindo, director at the Esade centre for economic policy. "What explains it is the shortage of supply compared to demand over recent years."

The Bank of Spain has estimated that Spain has a housing shortfall of around 750,000 homes. With 3.8 million empty properties in the country.

Spanish Prime Minister Pedro Sánchez has called a snap election next month after his recent package of emergency measures to tackle the housing problem was rejected by Congress.

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"No worker should have to spend 75% or 80% of their salary on rent, because what are they supposed to eat?" says Francisco Pardo, an 81-year-old retired taxi driver.

Many workers, including Pardo, have struggled with the soaring rental market, with some earning as little as €2,000 per month.

Abascal's case has highlighted the need for action against those perceived to be powerful movers in the housing market. With a recent study by the Centre for Sociological Research showing that 72% of respondents wanted higher taxes introduced for those with 10 or more properties.