Evictions Loom for Tenants of Former Social Housing in Madrid

• The first eviction is scheduled for September 23 at a former 'la Caixa' social housing development in Madrid.
• Residents have faced years of uncertainty, non-renewals, and rent hikes following the sale of their properties to investment funds.
• Approximately 500 families across three developments in Vallecas, Vicálvaro, and Pinto are impacted by these ownership transfers.

Corporate Sell-off and Investment Funds

• In 2025, InmoCaixa sold these social housing projects—originally allocated to low-income tenants in 2005—to private investment firms.
• The properties in Pinto were sold to Farley ITG S.L., while those in Vallecas and Vicálvaro were acquired by Mosaic Propco S.L., a firm linked to Morgan Stanley's North Haven Real Estate Fund.
• Residents report similar patterns in other Spanish cities where these funds intend to convert affordable units into market-rate assets.

Tenant Resistance and Legal Struggles

• Affected families, organized by groups like PAH Vallekas, have filed lawsuits against CaixaBank, citing abusive contract clauses and speculation on social housing.
• Tenants describe intense pressure tactics, including the use of specialized 'mediators' and buy-out offers to vacate homes.
• Despite a 18% state ownership stake in CaixaBank, the government has declined to intervene in the housing crisis.

Irony of The District Real Estate Fair

• The scheduled eviction coincides with 'The District,' a major international real estate fair in Madrid.
• Executives from the funds owning these properties are slated as featured speakers, discussing residential development strategies to maximize returns in volatile markets, a move that local housing activists have condemned as an endorsement of predatory speculation.