Financialization of housing and the right to adequate housing 2017, para. 30
Paragraph
Paragraph text
A significant portion of investor-owned homes are simply left empty. In Melbourne, Australia, for example, 82,000 or one fifth of investor-owned units lie empty. In the affluent boroughs of Chelsea and Kensington in the city of London, prime locations for wealthy foreign investors, the number of vacant units increased by 40 per cent between 2013 and 2014. In such markets, the value of housing is no longer based on its social use. The housing is as valuable whether it is vacant or occupied, lived in or devoid of life. Homes sit empty while homeless populations burgeon.
Legal status
Non-negotiated soft law
Body
Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
Document type
Special Procedures' report
Means of adoption
N.A.
Topic(s)
Social & Cultural Rights
Year
2017
Paragraph type
Other
Reference
SR Housing, Report to the HRC (2017), A/HRC/34/51, para. 30.