Financialization of housing and the right to adequate housing 2017, para. 25
Paragraph
Paragraph text
Housing and urban real estate have become the commodity of choice for corporate finance, a "safety deposit box" for the wealthy, a repository of capital and excess liquidity from emerging markets and a convenient place for shell companies to stash their money with very little transparency. In addition, corporate tax havens that generate massive amounts of profit immune from taxation, estimated at 30 per cent of global gross domestic product, are particularly attracted to housing and real estate. In most countries, residential investment provides many tax advantages, so that the housing system itself provides a tax haven for the rich (see A/67/286, pp. 11-12).
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)
Governance & Rule of Law
Person(s) affected
N.A.
Year
2017
Paragraph type
Other
Reference
SR Housing, Report to the HRC (2017), A/HRC/34/51, para. 25.