Madrid Residents Face Eviction Amid Decades-Long Real Estate Scandal

• A resident in the Tetuán neighborhood is facing imminent eviction by the investment firm Blackstone.
• The case stems from a 30-year-old failed urban development project that morphed into a systemic real estate fraud, leaving dozens of families without promised housing.
• Residents are protesting the city's negligence and the aggressive tactics of the property owners.

Historical Background of the Dispute

• The 1991 urban reform plan (PERI) for the Teruel, Dulcinea, Tiziano, and Jaén streets promised residents relocation to new public housing in exchange for their land.
• The management firm, Courbasa S.A., was eventually sold following bankruptcy, leaving tenants with millions in debt and incomplete buildings.
• The development fell under the control of private entities, leading to decades of broken promises regarding relocation for original residents.

Blackstone and Municipal Negligence

• Blackstone acquired a majority stake in these properties in 2017 after taking over Banco Popular's assets.
• The fund is accused of using abusive clauses, threatening tactics, and aggressive rent hikes of up to 70% to vacate buildings.
• Although the Madrid City Council recently authorized a €4.8 million urban improvement project for the area, it has failed to open negotiations with long-term affected residents or ensure their promised relocation.

Community Demands

• The Tetuán Housing Union is organizing against the evictions and seeking the following resolutions:
  • Indefinite social rental contracts for all block residents and a definitive solution for families affected for over three decades.
  • The opening of a formal negotiation table with Blackstone, Banco Santander, and the Madrid City Council.
  • Immediate utilization of vacant, boarded-up apartments within the blocks for social housing purposes.