This initiative means the creation of 1,500 more affordable rented homes in Barcelona over the next five years, with rents between 400 and 600 euros a month. Another 1,500 homes are expected to be built in the rest of the metropolitan area in the same period.

The project backs a new business model which moves away from the gentrification and property speculation which is driving local residents out of their neighbourhoods.

Administrative steps

Full Council has approved the acquisition of shares in the company being set up by the AMB, with the City Council providing 50% of the capital.

The next step in setting up the operator involves a public competition to choose the private partner which must provide 50% of the capital for the new company, meaning the City Council and AMB will then each have 25% of the shares. To achieve this, collaborators from the private sector will be sought which are willing to invest in a project with profit prospects which are limited to the long-term.

The metropolitan operator is one of the initiatives set out in Barcelona’s Right to Housing Plan, which aims to extend a public housing stock that currently only represents less than 2% of the city’s overall housing and falls short of meeting demand.