Government comes up with plan to tackle Spain's housing crisis
Spain proposes 100% tax on homes bought by non-EU residents Pedro Sánchez announces measure in response to anger over rising housing costs Spain has announced plans to impose a tax of up to 100% on real estate bought by non-residents from countries outside the EU, such as the UK, in an aim to tackle the country’s housing crisis. The measure was one of a dozen unveiled on Monday by the country’s prime minister, Pedro Sánchez, as the government seeks to quell mounting anger over housing costs that have soared far beyond the reach of many in Spain. Sánchez sought to underline the global nature of the challenge, citing housing prices that had swelled 48% in the past decade across Europe, far outpacing household incomes . “The west faces a decisive challenge : to not become a society divided into two classes, the rich landlords and poor tenants ,” he told an economic forum in Madrid. The proposed measures include expanding the supply of social housing, offering incentives...