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Analysis of two alternative housing policies: rental and collective housing 2013, para. 2
- Paragraph text
- In the late 1970s, a dramatic shift occurred in housing policies, starting with North America and Western Europe, followed later by some countries in Latin America, Asia, Africa and by formerly planned economies. The shift, calling for the transfer of activities from State control to the private sector and for unrestricted markets, soon gained hegemony, shaping the policies of States, international financial institutions and development agencies. The effects of the approach on housing policies, hence, on the right to adequate housing and related human rights across the globe have been striking. The new role of the State as "enabler" led to creating conditions and institutions to support housing finance systems to promote homeownership under the neoliberal dogma of reliance on private property and market forces.
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Governance & Rule of Law
- Social & Cultural Rights
- Person(s) affected
- N.A.
- Year
- 2013
Paragraph
Analysis of two alternative housing policies: rental and collective housing 2013, para. 13
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- The capital-grant-subsidy has been the most frequently promoted programme to target low-income households. The approach offers cash subsidies by private companies to cover part of the price of a dwelling for sale. The Chilean experience has been considered the model for other countries, widely replicated in Latin America (Brazil, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Mexico, Panama, Peru and Venezuela (Bolivarian Republic of). Outside of Latin America, the capital-grant approach has been implemented on a large scale in South Africa since 1994.
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Governance & Rule of Law
- Person(s) affected
- N.A.
- Year
- 2013
Paragraph
Analysis of two alternative housing policies: rental and collective housing 2013, para. 21
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- By contrast, countries that have adapted a more balanced housing policy, by encouraging a variety of tenure forms, such as Austria, Germany, and Switzerland, have suffered little from the recent property crises. According to Housing Statistics in the European Union 2010 and Eurostat 2010, 40 per cent of the population in Austria rents and 56 per cent owns their dwellings; 54 per cent of the population in Germany and 56.1 per cent in Switzerland are tenants. Such examples demonstrate that the division between the various forms of tenure and housing policies is not a "natural" or necessary choice but rather influenced by State intervention and regulation of the housing sector through the use of its available resources as well as through legislation and policies, including fiscal, taxation and subsidy measures.
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Governance & Rule of Law
- Person(s) affected
- N.A.
- Year
- 2013
Paragraph
Analysis of two alternative housing policies: rental and collective housing 2013, para. 23
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- As mentioned earlier in the report, the availability of public rental housing in many developed countries has diminished substantively or disappeared altogether. Most developing countries have never had a substantive stock of public housing, and those that have privatized it. A partial exception is the Republic of Korea where, in 2002, the Government announced a plan to build 1 million public housing units for rent over the next decade. Similar attempts have been made in recent years in Indonesia as part of a national programme for 1,000 Towers, some of which were intended for low-cost rental apartments (rusunawa), albeit with mixed results.
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Governance & Rule of Law
- Social & Cultural Rights
- Person(s) affected
- N.A.
- Year
- 2013
Paragraph
Analysis of two alternative housing policies: rental and collective housing 2013, para. 24
- Paragraph text
- In recent years, some Governments have looked towards non-profit organizations to provide housing for the poor and to limit Government involvement in the housing sector. Such institutions range from charities and housing associations to educational bodies. However, the social housing sector is substantive only in a handful of countries, mainly in Western Europe. As a result of cuts in funding to public housing and the ongoing global economic and financial crisis, waiting lists for social housing are increasing and the provision of affordable housing is not sufficient to keep up with the demand. In England, housing waiting lists augmented by 76 per cent between 2000 and 2011; in France 1.2 million applicants are registered on waiting lists for social housing, and in Italy there are 630,000.
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Person(s) affected
- N.A.
- Year
- 2013
Paragraph
Analysis of two alternative housing policies: rental and collective housing 2013, para. 25
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- Despite the decline in support for rental housing, the absolute number of tenants worldwide is rising. Across the world, approximately 1.2 billion people (around one third of the urban population and one sixth of all people in the world) live in rented accommodation, the great majority in towns and cities. In many European countries the private rental sector, including informal, is playing a growing role for the poor, owing to inadequate access to social housing and greater constraints in accessing ownership. In developing countries, the largest proportion of tenants is in urban Africa; in Asia, tenants comprise approximately one third of the urban population.
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Poverty
- Social & Cultural Rights
- Person(s) affected
- N.A.
- Year
- 2013
Paragraph
Analysis of two alternative housing policies: rental and collective housing 2013, para. 36
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- In some countries, however, notably, Austria, Germany and Switzerland, and over the course of many decades, in some cities like New York and San Francisco in the United States (see A/HRC/13/20/Add.4, para. 44), rent regulation has had favourable effects on stabilizing the rental sector and maintaining access by low- income households to urban housing that is well located. In Switzerland, rental investments have been maintained even though rent controls reduce the housing costs of long-standing tenancy, and legislation prevents arbitrary eviction and the exploitation of temporary shortages. In Quebec, Canada, a consistent and well-established regulatory system, with a reasonable balance between protecting tenants and encouraging investment, has been retained. In Uruguay, the Government has introduced a different tool to balance the interests of landlords and tenants, through a fund that provides guarantees to cover costs arising from the non-payment of rent and service payments (Fondo de Garantía de Alquileres).
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Governance & Rule of Law
- Social & Cultural Rights
- Person(s) affected
- N.A.
- Year
- 2013
Paragraph
Analysis of two alternative housing policies: rental and collective housing 2013, para. 39
- Paragraph text
- Access to urban land for housing, especially serviced land, is one of the major problems faced by developing countries. Informal access to land, increasingly through rental arrangements, is becoming a key form of accessing affordable housing for the poor. A large share of urban landlords in developing countries therefore operate informally in unplanned settlements.
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Social & Cultural Rights
- Person(s) affected
- N.A.
- Year
- 2013
Paragraph
Analysis of two alternative housing policies: rental and collective housing 2013, para. 48
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- A housing cooperative is a legal association formed for the purpose of providing housing to its members on a continuing basis. It is owned, maintained and controlled by its members. Housing cooperatives are based on collective ownership and management and can take various forms, including tenure cooperatives (in which owns housing development are owned and the members own equity shares in the cooperative), rental cooperatives (in which members pay rent to the cooperative), finance cooperatives (in which the cooperative provides loans to members for building construction or repairs) and building cooperatives (wherein building construction is undertaken and land is developed on behalf of members). Some cooperatives combine two or more of those functions.
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Governance & Rule of Law
- Person(s) affected
- N.A.
- Year
- 2013
Paragraph
Analysis of two alternative housing policies: rental and collective housing 2013, para. 49
- Paragraph text
- The classic cooperative model has evolved mainly in Europe, and the "Scandinavian" cooperative model, founded in 1923, is one of the most influential. In Sweden, cooperative housing accounted for 22 per cent of all housing in 2011. Swedish cooperative organizations have received significant state support since the 1950s, when housing subsidies were applied equally to all forms of tenure, including cooperatives. The Swedish legislation provides a clear legal framework for the operation of housing cooperatives by defining the legal status of the relevant associations, such as the Savings and Construction Association of Tenants (HSB) and the cooperative housing organization known as Riksbyggen, and of the tenant owners. Additional rules and regulations are adopted by the associations themselves with tenant majority approval.
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Governance & Rule of Law
- Person(s) affected
- N.A.
- Year
- 2013
Paragraph
Analysis of two alternative housing policies: rental and collective housing 2013, para. 51
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- A recent form of cooperatives combining finance and building are community funds, which have been developed in Africa and Asia. These funds work with group loans and/or savings in order to assist communities in financing land regularization and acquisition, infrastructure and service provision, and home improvements. The Asian Coalition for Community Action programme has promoted community funds in Asia from 2009 to 2011, carrying out 111 housing projects in 15 countries, at a total cost of almost $4 million; collective agreements were used in 36 of the projects.
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Governance & Rule of Law
- Person(s) affected
- N.A.
- Year
- 2013
Paragraph
Analysis of two alternative housing policies: rental and collective housing 2013, para. 56
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- A community land trust is a form of common land ownership, wherein land is considered to be a commonwealth, and only structures and other improvements are considered private property. Community land trusts aim to remove land from the speculative real estate market; to provide access to land and housing to people who would otherwise be denied access; to expand long-term community control of land resources; and to preserve the affordability of housing permanently.
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Social & Cultural Rights
- Person(s) affected
- N.A.
- Year
- 2013
Paragraph
Analysis of two alternative housing policies: rental and collective housing 2013, para. 57
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- The large majority of community land trusts are organized essentially as "affordable housing trusts", and will oversee the development, sale or rental, and maintenance of housing units to buyers or renters who will lease the land from the community land trust. Through the use of an inheritable ground lease (typically for 99 years), community land trusts define the rights and responsibilities of the individual as the owner of the structures, and the community as the owners of the land. Usually, the community land trust is governed by a board of directors comprising one third leasers of the community land trust; one third residents from the surrounding community (that do not live on the leased properties of the community land trust) and one third individuals who represent the public interest.
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Civil & Political Rights
- Economic Rights
- Social & Cultural Rights
- Person(s) affected
- N.A.
- Year
- 2013
Paragraph
Analysis of two alternative housing policies: rental and collective housing 2013, para. 58
- Paragraph text
- Community land trusts have been expanding over the past 50 years, primarily in the United States where, according to the national network, close to 250 were active as at June 2013. They also exist in the United Kingdom and Canada. An increasing number of municipal governments are forming community land trusts as a progressive strategy for addressing affordable housing needs that cannot be met solely with public housing programmes. Chicago, United States, is perhaps the largest example of a municipal government forming a public community land trust.
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Person(s) affected
- N.A.
- Year
- 2013
Paragraph
Analysis of two alternative housing policies: rental and collective housing 2013, para. 68a (i)
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- [The Special Rapporteur calls for a paradigm shift from the financialization of housing to a human rights-based approach to housing policies. In that context, she makes the following recommendations:] States should promote various forms of tenure: A mixture of tenure solutions, including private and public rental and collective tenure, is essential for the promotion of access to adequate housing for the various segments of society and in order to shield individuals and households from economic and financial shocks. Legal and institutional frameworks should be created to ensure security of tenure for all forms of tenure;
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Governance & Rule of Law
- Person(s) affected
- N.A.
- Year
- 2013
Paragraph
Analysis of two alternative housing policies: rental and collective housing 2013, para. 68b (i)
- Paragraph text
- [The Special Rapporteur calls for a paradigm shift from the financialization of housing to a human rights-based approach to housing policies. In that context, she makes the following recommendations:] Rental tenure should be encouraged: A well-functioning rental sector with both private renting and social components is critical to a sustainable housing system. States should therefore support and encourage the development of both a private and social rental sector;
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Governance & Rule of Law
- Social & Cultural Rights
- Person(s) affected
- N.A.
- Year
- 2013
Paragraph
Analysis of two alternative housing policies: rental and collective housing 2013, para. 68b (v)
- Paragraph text
- [The Special Rapporteur calls for a paradigm shift from the financialization of housing to a human rights-based approach to housing policies. In that context, she makes the following recommendations:] Rental tenure should be encouraged: States should encourage and support the use of standardized rental contracts, in order to reduce the number and severity of disputes between landlords and tenants. To that end, standard forms of contracts should be freely available and widely distributed and should not require notary approval;
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Governance & Rule of Law
- Person(s) affected
- N.A.
- Year
- 2013
Paragraph
Analysis of two alternative housing policies: rental and collective housing 2013, para. 68b (vi)
- Paragraph text
- [The Special Rapporteur calls for a paradigm shift from the financialization of housing to a human rights-based approach to housing policies. In that context, she makes the following recommendations:] Rental tenure should be encouraged: Urban renewal and informal settlement upgrading programmes should take into account the rights of tenants and should be designed with their full participation;
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Governance & Rule of Law
- Social & Cultural Rights
- Person(s) affected
- N.A.
- Year
- 2013
Paragraph
Analysis of two alternative housing policies: rental and collective housing 2013, para. 68b (vii)
- Paragraph text
- [The Special Rapporteur calls for a paradigm shift from the financialization of housing to a human rights-based approach to housing policies. In that context, she makes the following recommendations:] Rental tenure should be encouraged: States should encourage greater use of empty housing stock, by, inter alia, encouraging the rehabilitation of vacant homes, increasing taxation on unused properties and improving access to low-cost loan funds for people who require financial assistance to get empty properties back into use , including through rent;
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Governance & Rule of Law
- Social & Cultural Rights
- Person(s) affected
- N.A.
- Year
- 2013
Paragraph
Analysis of two alternative housing policies: rental and collective housing 2013, para. 68c (i)
- Paragraph text
- [The Special Rapporteur calls for a paradigm shift from the financialization of housing to a human rights-based approach to housing policies. In that context, she makes the following recommendations:] Collective forms of tenure should be encouraged: States should support cooperative, collective and communal forms of tenure by designing and investing adequate resources through, inter alia: legal recognition and protection of cooperative and collective ownership of land and housing in urban areas; and support for housing policy and financial mechanisms, including access to credit and State subsidies, tax benefits to collective institutions, State provision of technical assistance and urban land that is well located for collective housing organizations;
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Governance & Rule of Law
- Social & Cultural Rights
- Person(s) affected
- N.A.
- Year
- 2013
Paragraph
Analysis of two alternative housing policies: rental and collective housing 2013, para. 68c (ii)
- Paragraph text
- [The Special Rapporteur calls for a paradigm shift from the financialization of housing to a human rights-based approach to housing policies. In that context, she makes the following recommendations:] Collective forms of tenure should be encouraged: Cooperative and collective forms of tenure are inextricably linked to enhanced democratic participation and community-led governance. States should therefore support activities of civil society organizations that play a crucial role in the development and maintenance of collective forms of tenure, in particular for low-income groups.
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Governance & Rule of Law
- Person(s) affected
- N.A.
- Year
- 2013
Paragraph
Centrality of the right to adequate housing for the development and implementation of the New Urban Agenda to be adopted at Habitat III in October 2016 2015, para. 23
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- An urban rights agenda must also ensure better understanding of the responsibilities and obligations of a broad spectrum of private and other non governmental actors, including public-private partnerships and large corporations as well as smaller real estate developers, those who provide rental accommodation and providers of services like waste management. The private sector has an increasingly central role in urban development and a direct impact on public policy at the urban level. The private sector must be properly regulated and incentivized to ensure that its actions or omissions do not undermine human rights standards.
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Environment
- Governance & Rule of Law
- Person(s) affected
- N.A.
- Year
- 2015
Paragraph
Centrality of the right to adequate housing for the development and implementation of the New Urban Agenda to be adopted at Habitat III in October 2016 2015, para. 55
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- Other urban patterns linked to land and property have increased inequality and social exclusion; these include privatization of social housing, public land and infrastructure; predatory lending practices; increased use of urban land and housing as investment assets within a globalized financial market; heightened control of urban land by wealthy individuals and corporate interests; environmental degradation of land and water in areas occupied by marginalized groups; unregulated real estate markets; conversion of land used for housing to commercial uses; land grabbing; and the disproportionate influence of private interests in land use planning.
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Social & Cultural Rights
- Person(s) affected
- All
- N.A.
- Year
- 2015
Paragraph
Centrality of the right to adequate housing for the development and implementation of the New Urban Agenda to be adopted at Habitat III in October 2016 2015, para. 70
- Paragraph text
- The Special Rapporteur believes that it is also important to consider various redistributive and cost-recovery mechanisms in cities from a human rights standpoint. Expenditure on public space, infrastructure, recreational facilities and cultural and artistic activities too often benefits more advantaged households to the detriment of the needs of the vast majorities. Pricing of rental housing, water, sanitation and electricity should ensure affordability for low-income households rather than direct cost recovery. Private providers of housing and infrastructure must be regulated in a manner that accords with the fact that, while housing and infrastructure are often treated as commodities, they are fundamental human rights, requiring significant adjustments to prevailing business models. Adjusted pricing of services for low-income households, for example, has been proven to be an efficient business model which at the same time facilitates access to housing, water, sanitation and electricity that might otherwise be denied. Human rights-based tax audits have also been effective in ensuring that revenue collection at the city level is aligned with obligations to apply the maximum of available resources to realize the right to housing.
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Equality & Inclusion
- Water & Sanitation
- Person(s) affected
- N.A.
- Year
- 2015
Paragraph
Financialization of housing and the right to adequate housing 2017, para. 3
- Paragraph text
- Housing and commercial real estate have become the "commodity of choice" for corporate finance and the pace at which financial corporations and funds are taking over housing and real estate in many cities is staggering. The value of global real estate is about US$ 217 trillion, nearly 60 per cent of the value of all global assets, with residential real estate comprising 75 per cent of the total. In the course of one year, from mid-2013 to mid-2014, corporate buying of larger properties in the top 100 recipient global cities rose from US$ 600 billion to US$ 1 trillion. Housing is at the centre of an historic structural transformation in global investment and the economies of the industrialized world with profound consequences for those in need of adequate housing.
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Governance & Rule of Law
- Person(s) affected
- N.A.
- Year
- 2017
Paragraph
Financialization of housing and the right to adequate housing 2017, para. 9
- Paragraph text
- Constructing human rights accountability within a complex financial system to which Governments are themselves accountable, involving trillions of dollars in assets, may seem a daunting task. However, the global community cannot afford to be cowered by the complexity of financialization. The present report aims to cut through some of the complexity and opaqueness of finance in housing to expose the central relevance and necessity of the human rights paradigm at multiple levels, from the international to the local.
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Governance & Rule of Law
- Person(s) affected
- N.A.
- Year
- 2017
Paragraph
Financialization of housing and the right to adequate housing 2017, para. 14
- Paragraph text
- The tripartite obligations of States in relation to the management of financial markets and the regulation of private actors are often interpreted too narrowly. Under international human rights law, States' obligations in relation to private investment in housing and the governance of financial markets extend well beyond a traditional understanding of the duty to simply prevent private actors from actively violating rights. The assumption, bolstered by neo-liberalism, that States should simply allow markets to work according to their own rules, subject only to the requirement that private actors "do no harm" and do not violate the rights of others, is simply not in accordance with the important obligation to fulfil the right to adequate housing by all appropriate means, including legislative measures.
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Equality & Inclusion
- Governance & Rule of Law
- Person(s) affected
- N.A.
- Year
- 2017
Paragraph
Financialization of housing and the right to adequate housing 2017, para. 17
- Paragraph text
- The Committee on Economic, Social and Cultural Rights has suggested that the obligation to fulfil incorporates both an obligation to facilitate and an obligation to provide. In the context of the critical relationship between housing and financial markets, the articulation of a State's fulfilment obligation to not only provide housing when needed but also to facilitate the implementation of the right to housing is helpful in capturing the wide range of States' obligations to ensure that financial markets and the actions of private investors work towards the realization of the right to adequate housing.
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Equality & Inclusion
- Governance & Rule of Law
- Social & Cultural Rights
- Person(s) affected
- N.A.
- Year
- 2017
Paragraph
Financialization of housing and the right to adequate housing 2017, para. 19
- Paragraph text
- The financialization of housing has its origins in neo-liberalism, the deregulation of housing markets, and structural adjustment programmes imposed by financial institutions and agreed to by States. It is also tied to the internationalization of trade and investment agreements which, as discussed below, make States' housing policies accountable to investors rather than to human rights. The financialization of housing is also the result of significant changes in the way credit was provided for housing and more specifically, of the advent of "mortgage-backed securities".
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Governance & Rule of Law
- Person(s) affected
- N.A.
- Year
- 2017
Paragraph
Financialization of housing and the right to adequate housing 2017, para. 27
- Paragraph text
- Corporate finance does not only profit from inflated prices in hedge cities, it also profits from housing crises. The global financial crisis created unprecedented opportunities for buying distressed housing and real estate debt, which was sold off at fire sale prices in countries such as Ireland, Spain, the United Kingdom of Great Britain and Northern Ireland and the United States of America. The Blackstone Group, the world's largest real estate private equity firm, managing $102 billion worth of property, spent $10 billion to purchase repossessed properties in the United States of America at courthouses and in online auctions following the 2008 financial crisis, emerging as the largest rental landlord in the country. Other major institutional players invested $20 billion to purchase approximately 200,000 single-family homes in the United States between 2012 and mid-2013. With the recovery of the United States housing market, Blackstone and other private equity firms have sought to take advantage of other buying opportunities in Europe and Asia. Cushman and Wakefield estimated that there was over €541 billion of distressed real estate debt in Europe in 2015, much of it held by public asset management companies such as the National Asset Management Agency in Ireland and the Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria (company for the management of assets proceeding from the restructuring of the banking system) in Spain. The vast majority of that debt is being purchased by giant private equity firms.
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Topic(s)
- Economic Rights
- Governance & Rule of Law
- Person(s) affected
- N.A.
- Year
- 2017
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