The candidate for President of the Government for Frente Amplio, Ada Colau, has announced that the coalition will include in its electoral program for the general elections on November 29 a Law for the Expropriation of Housing from Private Corporate Owners, an initiative that, as she explained, seeks to “recover the homes” acquired by investment funds.
During an intervention this Friday in Málaga, Colau criticized the massive purchase of properties by foreign capital and maintained that “it is intolerable that there are foreign investment funds that come to our cities, buy homes in bulk as if they were apples, buy them at prices much lower than those that people who live here could buy them, and on top of that, what they do is speculate and set absolutely abusive prices.”
Progressive application on large holders
The leader of Frente Amplio has detailed that the law would be applied progressively to the residential stock of large corporate holders. In a first phase, the measure would affect entities with more than 1,000 homes, then those exceeding 700, and finally, those with more than 50 properties.
“That can be done, it is perfectly viable and we would do it with an expropriation law immediately if Frente Amplio enters strongly next November 29 to the Congress of Deputies to form a progressive government that goes much further than what has been done so far,” Colau remarked.
The coalition has stressed that the measure “is aimed only at corporate owners,” while “families who own their home or a rented apartment are excluded,” since the objective, they specified, is “large companies that have turned housing into a financial asset.”
A tax on the ultra-rich and more fiscal pressure on banks and large companies
The announcement comes after the proposal presented this Thursday by Frente Amplio to implement a tax on the ultra-rich, focused on assets starting from one million euros, within a tax reform that also increases taxation on banks and large companies, with the aim of raising a total of more than 10,000 million euros.
Specifically, the party has proposed that this tax have a rate of 2% on the total assets for people with more than one million euros, a percentage that would rise to 3% for those with more than 50 million euros. The quota would be reduced based on what has already been paid for Wealth and Large Fortunes taxes, and would not affect salaries or pensions.
Colau has criticized Vox and the PP, whom she has reproached for wanting "to continue giving red carpets to speculators, red carpets so that they continue to expel our neighbors from the neighborhoods, putting legal and illegal tourist apartments everywhere and expelling a working population that can no longer make ends meet due to the price of housing."
La desigualdad y los precios desorbitados de la vivienda están expulsando a la gente de sus barrios y haciendo imposible llegar a fin de mes. Proponemos un impuesto a quienes especulan con la vivienda y una ley para expropiar a los fondos buitre. Hay que ir a la raíz del problema.
— Frente Amplio (@Frente_Amplio_) November 6, 2026
SAREB, at the center of another measure
In parallel, the coalition has proposed to "obligatorily" assign all urban properties and residential land of the Bad Bank (SAREB) to the public housing stock.