Financialization of housing and the right to adequate housing 2017, para. 28
Paragraph- Paragraph text
- Massive investment of capital into housing markets and rising prices should not be confused with the production of housing and the benefits that accrue from it. The bulk of real estate transactions of that sort do not create needed housing or long-term secure employment. When rented homes or mortgages are owned by remote investors, money mostly flows out of communities and simply creates greater global concentration of wealth. The new corporate interest in developing rental properties from homes sold in foreclosures has also raised concerns that there is a greater incentive to pursue foreclosures rather than modify a loan agreement to avoid an unnecessary eviction. The proliferation of foreign and domestic investment in short-term rental properties, such as for Airbnb, in countries like Portugal, has contributed to escalating prices of housing and changes to the make-up of neighbourhoods, without creating affordable housing or other benefits for the local population.
- 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
- Person(s) affected
- N.A.
- Year
- 2017
- Paragraph type
- Other
- Reference
- SR Housing, Report to the HRC (2017), A/HRC/34/51, para. 28.
- Paragraph number
- 28
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