Investment funds: an industry preying on cities and human rights
Observatori DESC (ESCR Observatory), in collaboration with the CODE Observatory, presents, with the help of Manuel Gabarre de Sus, the report "Vulture funds: a predatory industry of cities and human rights", which analyzes in depth the The structure and operation of investment funds, otherwise known as the "vulture fund", which in recent years have colonized the real estate market in different European cities - including Barcelona.
The large global real estate operators operating in the housing market in today's cities, especially vulture funds and heritage companies, have characteristics of low visibility and traceability, because their operation, business network or are largely unknown. relationships. The presentation of this report seeks to shed some light on this dark issue for the case of Barcelona, with the aim of increasing the traceability of these networks.
This opacity is sought and also hinders the action of pressure from social movements, in addition to diluting any kind of accountability for the consequences of their activity - which are not minor - to society (evictions, psychological harassment, expulsion of neighbors of entire buildings, gentrification, etc.). This is also the case in Barcelona, a global city of interest for international real estate capital or investors, who want to extract income from buildings where thousands of people live, regardless of this small detail and the vital function of housing. of the city, give a roof and make possible the dignified life of the neighborhood.
This report is the second part of a report we published a few weeks ago, "The real estate shock in Barcelona." Both reports try to shed some light on this dark issue for the case of Barcelona, with the aim of increasing the traceability of these networks, as well as the tools to demand responsibilities in respect of the right to housing for part of civil society and organized neighborhoods towards global operators attacking the right to housing and the city. Both texts have been prepared within the framework of the project “Right to housing, coherence and vulture funds in #Bcn: a pulse for urban global justice”, Education program for global justice, 2020 (Barcelona City Council) .
About the author:
Manuel Gabarre De Sus is a lawyer and researcher, member of the CODE Observatory, expert in the subject and author of the book “Tocar fondo. The invisible hand behind the rise of rent ”(2019, Traficantes de Sueños), as well as other texts and critical analysis research on global operators in the field of housing and real estate (SAREB and others ).