The Government's plan to promote social housing in Spain does not finish sinking in among the experts. Today the Council of Ministers will approve the project through which 50,000 Sareb homes will be mobilized for affordable rent. The problem? That many of these homes have not even been built yet (nor have they been tendered) nor are they located in stressed areas where prices have risen the most in recent years.
This is indicated by bank sources, a sector well acquainted with the state and the location of these properties that became part of the Company after the bank restructuring process. The Minister of Transport, Mobility and the Urban Agenda, Raquel Sánchez, defended on Tuesday morning that these houses "are not in the middle of nowhere" and that they will be located in stressed areas.
In total, Sareb has 46,542 homes, 14,202 works in progress and 24,619 land units. And according to its own public data, it currently has 2,709 homes in the community of Madrid, and another 339 classified as "works in progress", in addition to 546 land units. For its part, in Catalonia it has 13,499 homes, 1,751 in process and 2,872 land units.
In the province of Barcelona it has 6,997 houses and in other stressed areas of the national territory such as the Balearic Islands and Malaga, it has 447 and 602. If only available housing is taken into account, there would be some 16,200 homes in Madrid and Catalonia. 32% of the total that is expected to be mobilized in the Executive's new plan, compared to 70% that would be shared by the rest of the communities.
The 50,000 homes that Sareb will mobilize for affordable rentals -most of them were already contemplated in the manager's plans- are divided into three blocks. The first, some 21,000 available to autonomous communities and town halls, ready to sell and that will depend on whether the local administrations want to acquire them. Of that number, some 12,000 would be pending adaptation (rehabilitation due to their poor condition), so that in reality only 9,000 would already be ready and available for potential tenants.
Secondly, there are another 14,000 homes that are already within the affordable and social housing program, currently inhabited by families in vulnerable situations.
In third place would be the other 15,000 homes within the so-called Vienna Project, which plans the construction of buildings on Sareb land in public-private collaboration. At the moment, no details have been given regarding the tenders or when it is planned to start with these buildings, although the first orders are expected to go out this summer. In any case, they will be homes that will take years to exist.
The sale of these assets would be the ideal option to undertake the second objective of the bad bank: to reduce the bulky debt of more than 30,400 million euros that the State assumed as public debt when it took control.