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Financialization of housing and the right to adequate housing 2017, para. 39
- Paragraph text
- The financialization of housing has dramatically altered the relationship of States to the housing sector and to those to whom they have human rights obligations. Rather than being held accountable to residents and their need for housing, States' housing policies have often become accountable to financial institutions and seem to pander to the confidence of global credit markets and the preferences of wealthy private investors. Given the predominance of housing-related credit in many economies, domestic housing policy becomes intertwined with the priorities and strategies of central banks and international financial institutions, which are themselves rarely held accountable to States' human rights obligations to ensure access to adequate housing and do not meaningfully engage with rights-holders.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Economic Rights
- Governance & Rule of Law
- Social & Cultural Rights
- Personas afectadas
- N.A.
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 77f
- Paragraph text
- [The Special Rapporteur suggests that the way forward requires a shift to take hold so that States ensure that all investment in housing recognizes its social function and States' human rights obligations in that regard. That requires a transformation of the relationship between the State and the financial sector, whereby human rights implementation becomes the overriding goal, not a subsidiary or neglected obligation. The Special Rapporteur believes that can be achieved with more constructive engagement and dialogue between States, human rights actors, international and domestic financial regulatory bodies, private equity firms and major investors. In order to create those new conversations and achieve that shift, the Special Rapporteur recommends the following:] States must ensure that courts, tribunals and human rights institutions recognize and apply the paramountcy of human rights and interpret and apply domestic laws and policies related to housing and housing finance consistently with the right to adequate housing;
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Governance & Rule of Law
- Social & Cultural Rights
- Personas afectadas
- N.A.
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 10
- Paragraph text
- The report builds on important work undertaken by the previous Special Rapporteur on the right to housing. In her 2012 report on the impact of finance policies on the right to housing of those living in poverty (A/67/286), she warned of emerging trends towards the financialization of housing encouraged by States' abandonment of social housing programmes and increased reliance on private market solutions. She documented attempts by States to rely on the private market and homeownership, which increases inequality and fails to address the housing needs of low-income and marginalized groups. More fundamentally, she called for a paradigm shift through which housing would once again be recognized as a fundamental human right rather than as a commodity. The present report takes up that challenge.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Economic Rights
- Equality & Inclusion
- Poverty
- Social & Cultural Rights
- Personas afectadas
- All
- Año
- 2017
Párrafo
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.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Economic Rights
- Equality & Inclusion
- Governance & Rule of Law
- Social & Cultural Rights
- Personas afectadas
- N.A.
- Año
- 2017
Párrafo
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.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Economic Rights
- Governance & Rule of Law
- Personas afectadas
- N.A.
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 13
- Paragraph text
- States' human rights obligations are commonly categorized on the basis of a tripartite division of obligations to respect, protect and fulfil human rights. A State must respect the right to housing by refraining from taking any action that would violate that right, protect individuals and communities from violations of the right to housing by third parties and fulfil the right to adequate housing to the maximum of its available resources, with a view to achieving progressively its full realization by all appropriate means, including particularly the adoption of legislative measures. The obligation to fulfil the right to housing includes adopting and implementing, in collaboration with stakeholders, strategies for the realization of the right to housing that clarify the responsibilities and roles of all levels of government, institutions and private actors, with goals, timelines, accountability mechanisms, appropriate budgetary allocations and measures to ensure access to justice.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Equality & Inclusion
- Governance & Rule of Law
- Social & Cultural Rights
- Personas afectadas
- All
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 18
- Paragraph text
- In addition to the more obvious requirements, within the framework of human rights, to ensure that housing developers exercise due diligence, comply with safety standards and adopt policies of non-discrimination, for example, States may also be required to ensure that investment in housing complies with a rights-based housing strategy and with the target of ensuring adequate housing for all by 2030. Private actors may be required to take particular steps to ensure access to credit for disadvantaged households and to address the needs of residents of informal settlements, women, migrants and people with disabilities. The obligation of States to facilitate the realization of the right to housing by establishing a coherent strategy at both the national and international levels with clearly allocated roles and responsibilities is central to the commitments made by States in the 2030 Agenda for Sustainable Development and the New Urban Agenda.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Equality & Inclusion
- Governance & Rule of Law
- Social & Cultural Rights
- Personas afectadas
- Persons on the move
- Persons with disabilities
- Women
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 24
- Paragraph text
- The amount of money involved in the purchase of housing and real estate is almost impossible to digest. Cushman and Wakefield, an American global real estate services firm engaging in $90 billion worth of real estate sales per year, publishes an annual report entitled "The Great Wall of Money" which includes a calculation of the amount of capital raised each year for trans-border real estate investments. The total in 2015 was a record $443 billion, with residential properties representing the largest single share. The report notes that "cross border flows will continue to transform real estate investment across the globe".
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Governance & Rule of Law
- Personas afectadas
- N.A.
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 31
- Paragraph text
- Financialized housing markets respond to preferences of global investors rather than to the needs of communities. The average income of households in the community or the kinds of housing they would like to inhabit is of little concern to financial investors, who cater to the needs or desires of speculative markets and are likely to replace affordable housing that is needed with luxury housing that sits vacant because that is how best to turn a profit quickly. Financialized housing thus precipitates what has been referred to as "residential alienation", the loss of the critical relationship to housing as a dwelling and the diverse set of social relationships that give it meaning. In financialized housing markets, those making decisions about housing - its use, its cost, where it will be built or whether it will be demolished - do so from remote board rooms with no engagement with or accountability to the communities in which their "assets" are located.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Economic Rights
- Equality & Inclusion
- Social & Cultural Rights
- Personas afectadas
- All
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 40
- Paragraph text
- Accountability to global finance rather than to human rights has been rigorously imposed by the International Monetary Fund and other creditors when Governments have faced foreign debt crises. Decisions made by central banks and finance ministers in consultation with international financial institutions are rarely informed by input from stakeholders or those involved with housing policy and programmes. Processes put in place to address the debt crisis in Central, Eastern and South-Eastern Europe through the "Vienna Initiative" for example, brought together "key stakeholders", identified as national central banks and Western European parent banks along with multiple regional and international financial institutions. Absent were civil society groups and anyone representing the interests of borrowing households, the people most affected by any decisions taken.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Economic Rights
- Governance & Rule of Law
- Personas afectadas
- N.A.
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 22
- Paragraph text
- Many expected that the global financial crisis and its impact on the human rights of millions of households would act as an alarm bell, forcing States and international financial institutions to reassess the value of unbridled financialization and introduce reforms to ensure that the financial system addressed rather than exploited the housing needs of low-income households. Unfortunately, it seemed to have the opposite effect. Individuals and families who were affected by the crisis were often blamed for taking on too much debt and new rules and regulations were put in place to restrict their access to mortgages. Austerity measures cut programmes on which they had relied for access to housing options, and the march towards the financialization of housing continued. The States that were the most severely affected by the crisis assumed responsibility for billions of dollars' worth of distressed debt (high-risk mortgages) and arranged for them to be sold off to private equity funds, thereby increasing rather than decreasing the role and power of corporate finance in national housing systems.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Governance & Rule of Law
- Personas afectadas
- Families
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 69
- Paragraph text
- In response to the mortgage crisis in Spain, the autonomous regions of Andalusia and Catalonia introduced progressive laws explicitly affirming the social function of housing and facilitating temporary expropriation of vacant housing. Catalonian legislation also prohibited foreclosures and evictions that would result in homelessness. Both of those regional initiatives were struck down by the Constitutional Court as encroaching on the jurisdiction of the national Government and opposing the general economic interests of the country. In response, at least in the case of Catalonia, the legislation was reintroduced with amendments and was passed by the Catalonian parliament.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Governance & Rule of Law
- Social & Cultural Rights
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 37
- Paragraph text
- Financialized housing markets create and thrive on gentrification and the appropriation of public value for private wealth. Improved services, schools or parks in an impoverished neighbourhood attract investment, which then drives residents out. The transformation of an old railway line in West Chelsea in Manhattan into a public walkway and park has attracted wealthy investors to a mixed income neighbourhood, radically transforming it with luxury housing units costing in the multimillions, and displacing longer term residents. In Vancouver, the opening of new public transport facilities in Burnaby, one of the few remaining areas of affordable rental housing, has quickly led to the development of expensive condominium towers, displacing residents who have not only lived there for decades, but also invested in developing their community.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Poverty
- Social & Cultural Rights
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 25
- 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).
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Governance & Rule of Law
- Personas afectadas
- N.A.
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 33
- Paragraph text
- Many residential rental properties are now owned by bondholders or holders of public stock with no direct connection to properties. It is difficult to know who is accountable for human rights when the owner of housing is a multibillion dollar fund, bondholders, public stockholders or a nameless corporate shell. Tenants living in housing owned by absentee corporate landlords have complained of sharp increases in rent, inadequate maintenance and conditions as a result of substandard renovations that have been undertaken quickly to flip the home into rentals, and an inability to hold anyone accountable for those conditions.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Economic Rights
- Governance & Rule of Law
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 53
- Paragraph text
- There are currently almost 2,500 bilateral investment treaties in force and almost 300 treaties with investment provisions. Provisions in investment treaties generally provide protection for investors from actions by States without imposing obligations on them to uphold human rights. Investors are guaranteed fair and equitable treatment, protection from direct or indirect expropriation and other protections and have access to an investor-State dispute settlement procedure to seek damages for breaches of those provisions. The effect of those protections is that investment in housing and real estate for the purposes of speculation and the accumulation of wealth becomes a protected "right", while government measures to regulate investment to protect the right to housing may be the basis for claims against States by private investors for massive damage awards.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Governance & Rule of Law
- Personas afectadas
- N.A.
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 20
- Paragraph text
- Prior to the advent of mortgage-backed securities in the 1980s, the provision of credit for a housing purchase was generally an individualized contractual relationship between a single lender, usually a bank or a savings and loan institution, and a single creditor or homeowner. Mortgage-backed securities were promoted as a means of attracting additional lenders into the mortgage market by reducing the reliance on local financial institutions. They allowed for portfolios of mortgages to be bundled together, in order to distribute the risk more evenly among all of the mortgages, and sold to investors in the form of bonds or investment instruments on secondary bond markets. That created new conditions for global capital to be invested in housing finance.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Governance & Rule of Law
- Personas afectadas
- N.A.
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 34
- Paragraph text
- Increased prices of housing and real estate assets have become key drivers in the creation of greater wealth inequality. Those who own property in prime urban locations have become richer, while lower-income households confronting the escalating costs of housing become poorer. Surveys of ultra-high-net-worth individuals show that more than half have increased the proportion of their investments allocated to residential properties, with the most common reasons being in order to sell at a later date and to provide a safe haven for wealth. The "economics of inequality", in fact, may be explained in large part by the inequalities of wealth generated by housing and real estate investments. Buying a home with a mortgage becomes a speculative investment depending on volatile financial markets, which may generate considerable wealth on leveraged equity or, alternatively, deprive households of a lifetime of savings.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Personas afectadas
- N.A.
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 71
- Paragraph text
- Elsewhere, taxes on luxury properties have been instituted. Singapore imposes an 18 per cent property sales tax and an additional buyer stamp duty on wealthy property owners and investors, with revenues used to subsidize homeownership of low-income individuals. A number of jurisdictions, including China, Germany and Malaysia, have introduced a property speculation tax. Tax in China, announced in early 2013 after renewed speculative activity in the housing market, involves a straight 20 per cent on capital gains, and in Taiwan Province of China, residential property owners are taxed 15 per cent on the sale price of their property if they sell it within one year of purchase and 10 per cent if sold within two years.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Governance & Rule of Law
- Personas afectadas
- N.A.
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 77c
- Paragraph text
- [The Special Rapporteur suggests that the way forward requires a shift to take hold so that States ensure that all investment in housing recognizes its social function and States' human rights obligations in that regard. That requires a transformation of the relationship between the State and the financial sector, whereby human rights implementation becomes the overriding goal, not a subsidiary or neglected obligation. The Special Rapporteur believes that can be achieved with more constructive engagement and dialogue between States, human rights actors, international and domestic financial regulatory bodies, private equity firms and major investors. In order to create those new conversations and achieve that shift, the Special Rapporteur recommends the following:] Trade and investment treaties should recognize the paramountcy of human rights, including the right to housing, and ensure that States are fully empowered to regulate private investment so as to ensure the realization of the right to housing;
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Economic Rights
- Governance & Rule of Law
- Personas afectadas
- N.A.
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 70
- Paragraph text
- A number of States, including Austria, China, the Philippines, Thailand and Viet Nam, have instituted restrictions on foreign purchasers of residential real estate. The province of British Columbia in Canada has introduced a 15 per cent foreign homeowner tax. The City of Vancouver recently approved a 1 per cent tax, which would apply to both foreign and domestic investors, on vacant homes in order to address the issue of approximately 20,000 vacant homes in its overheated speculative housing market. Net revenue from those taxes is to be invested in affordable housing initiatives.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Economic Rights
- Personas afectadas
- N.A.
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 76
- Paragraph text
- Many States have been too deferential to the dynamics of unregulated markets and have failed to take appropriate action to bring private investment into line with the right to adequate housing. By providing tax subsidies for homeownership, tax breaks for investors, and bailouts for banks and financial institutions, States have subsidized the excessive financialization of housing at the expense of programmes for those in desperate need of housing. There seems to be a gross imbalance between the attention, mechanisms and resources that States have developed to support the financialization of housing and the complete deficit of housing for the implementation of the right to adequate housing.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Economic Rights
- Governance & Rule of Law
- Personas afectadas
- All
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 23
- Paragraph text
- States have continued to focus on attracting capital and wealthy investors with reduced taxes and other benefits. Countries like Cyprus, Greece, Portugal and Spain, where harsh austerity measures have been implemented, have enacted policies to entice foreign investors into their domestic markets. One such measure, colloquially known as the "golden visa", allows foreign investors to receive permanent residence or even citizenship in exchange for a minimum amount of investment in property: €500,000 in Spain and Portugal, €300,000 in Cyprus and €250,000 in Greece. Australia has a similar programme for individual foreign investors who purchase $A 5 million in real estate through a real estate investment trust to qualify for an Australian significant investor visa. Programmes of that nature can contribute to housing affordability problems for local residents without providing any evidence of substantial benefits for the broader population.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Equality & Inclusion
- Governance & Rule of Law
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 30
- 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.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Social & Cultural Rights
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 5
- Paragraph text
- Elsewhere, financialization is linked to expanded credit and debt taken on by individual households made vulnerable to predatory lending practices and the volatility of markets, the result of which is unprecedented housing precarity. Financialized housing markets have caused displacement and evictions at an unparalleled scale: in the United States of America over the course of 5 years, over 13 million foreclosures resulted in more than 9 million households being evicted. In Spain, more than half a million foreclosures between 2008 and 2013 resulted in over 300,000 evictions. There were almost 1 million foreclosures between 2009 and 2012 in Hungary.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Economic Rights
- Governance & Rule of Law
- Personas afectadas
- Persons on the move
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 45
- Paragraph text
- Informal settlements in Southern cities are regularly demolished for luxury housing and commercial development such as shopping malls and other high-end services intended for those with expendable incomes. In Lagos, Nigeria, for example, 30,000 residents of the Otodo Gbame community were forcibly removed after their waterfront homes were set alight, allegedly related to luxury developments. Many were left homeless. Elsewhere, when informal settlements are upgraded with infrastructure development and the granting of formal title and credit, they become subject to speculation and rising costs that force existing residents, particularly informal renters, out of the community. The real estate market in Mumbai, India, is now actively engaged in promoting speculative investment in informal settlements, where upgraded housing is attracting real estate speculation and price increases.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Economic Rights
- Social & Cultural Rights
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 42
- Paragraph text
- As noted by the Institute for Human Rights and Business, global financial institutions with representations from central bank governors and ministers of finance, "seem generally remote from stakeholder engagement. These institutions are independent self-governing bodies with their own rules of procedure and are not directly accountable to the public." Governments relying on the financial system and financialized housing assets to service their own debt are not encouraged by global financial institutions to manage housing systems for compliance with human rights. They are more likely to be urged to cut housing programmes and social protection programmes to comply with the demands and economic theories of financial corporations and credit agencies.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Economic Rights
- Governance & Rule of Law
- Personas afectadas
- All
- N.A.
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 50
- Paragraph text
- In many developing and emerging economies, the World Bank and other international and regional financial institutions continue to actively promote the financialization of housing as the dominant strategy for addressing the critical need for housing, despite evidence that such strategies fail to provide housing options to the households that are most in need, and lead to greater socioeconomic inequality. World Bank development programmes concentrate on what they consider to be the building blocks of housing finance such as title registration, foreclosure procedures, lending regulations, long-term funding instruments, and improving the liquidity of mortgage assets in order to reduce the costs of credit-risk underwriting for investors. Those policies, combined in many cases with austerity measures that reduce social protection and housing programmes, have meant that development programmes frequently support the emergence of a financialized housing system that may be at odds with States' obligations to prioritize the needs of those in the most desperate circumstances.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Economic Rights
- Governance & Rule of Law
- Social & Cultural Rights
- Personas afectadas
- N.A.
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 77e
- Paragraph text
- [The Special Rapporteur suggests that the way forward requires a shift to take hold so that States ensure that all investment in housing recognizes its social function and States' human rights obligations in that regard. That requires a transformation of the relationship between the State and the financial sector, whereby human rights implementation becomes the overriding goal, not a subsidiary or neglected obligation. The Special Rapporteur believes that can be achieved with more constructive engagement and dialogue between States, human rights actors, international and domestic financial regulatory bodies, private equity firms and major investors. In order to create those new conversations and achieve that shift, the Special Rapporteur recommends the following:] States should review all laws and policies related to foreclosure, indebtedness and housing, to ensure consistency with the right to adequate housing, including the obligation to prevent any eviction resulting in homelessness;
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Governance & Rule of Law
- Social & Cultural Rights
- Personas afectadas
- N.A.
- Año
- 2017
Párrafo
Financialization of housing and the right to adequate housing 2017, para. 49
- Paragraph text
- In Mexico, mortgage securitization and other aspects of financialization have been adopted, beginning in 2003, with the active involvement of the World Bank. The housing market experienced a boom with increased mortgage lending and a tripling of the amount of residential mortgage-backed securities to over US$ 6 billion in 2006. However, the benefits of the housing boom and securitized mortgages have not extended to the households that are most in need. Measures taken by the Government to stabilize the financial sector proved attractive to financial corporations, pension funds and private equity firms, which have become more significant actors in the Mexican housing market.
- Organismo
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Tipo de documento
- Special Procedures' report
- Temas
- Governance & Rule of Law
- Personas afectadas
- N.A.
- Año
- 2017
Párrafo