Meet Jaime Oteyza, an architect and father of two, whose Madrid home on Tribulete Street has become a symbol of Spain’s deepening housing crisis. “If we lose this place, everything collapses,” he says, describing how investment funds are buying entire apartment blocks to convert them into luxury rentals or tourist stays. 🌆
The Battle for Tribulete Street
Jaime’s building, with its 52 apartments, was purchased by Elix Rental Homes—a firm locals call a “vulture fund.” The goal? Evict families like his to cash in on Spain’s booming tourism market. “They don’t care about communities,” Jaime explains. “Our kids’ school, our jobs—none of it matters to them.”
From Stable Jobs to Housing Despair
Despite working as an architect and his partner as a psychologist, rising rents have swallowed their income. Buying a home? “Impossible at these prices,” Jaime admits. Average Spanish rents have doubled in a decade, forcing many to abandon neighborhoods where they’ve built their lives. 🔥
Key Takeaways
🇪🇸 Tourism vs. Locals: Short-term rentals now outnumber affordable housing in cities like Madrid and Barcelona.
💸 'Vulture Funds' on the Rise: Corporate investors purchased 44,000 Spanish homes in 2023 alone.
👨👩👧👦 Families at Risk: Over 30% of Spanish income now goes to rent, per EU data.
