MPs on Thursday called for tighter controls on property purchases by foreign nationals, warning that legislation restricting individual buyers could prove ineffective unless companies and other corporate structures were also covered.

The House interior committee continued examining proposed amendments to legislation governing the acquisition of property by foreigners, with discussions expected to resume in a fortnight.

The committee is awaiting the government’s next steps towards drafting a comprehensive legislative proposal regulating property acquisitions by foreign nationals.

Committee chairman and Akel MP Aristos Damianou said efforts to introduce the legislation were gathering pace, expressing hope that the process could be concluded by the end of the year.

He said consolidated drafts had been prepared in April, but the process was interrupted by the parliamentary elections in May.

Damianou described the issue as “particularly serious”, saying it concerned national security, the economy and the country’s future.

“We are a partially occupied state, part of whose territory is occupied by Turkey, whilst part of its territory is under the control of British bases,” he said, stressing the need to establish clear criteria and restrictions on property acquisitions.

He also raised concerns about property transactions conducted through contracts that, he said, were often not made public, allowing foreign interests to acquire property through companies and other intermediary arrangements.

Damianou warned that legislation focusing exclusively on individuals would be insufficient.

“If issues concerning natural persons, companies, funds and all those who purchase property in Cyprus in a concealed manner are not also regulated, then regulating natural persons alone will be insufficient,” he said.

Disy MP Nikoletta Konstantinou also called for a comprehensive approach, saying the proposed legislation concerned the Republic’s strategic interests and national security.

She expressed concern that restrictions applying only to individuals could undermine the effectiveness of the legislation, arguing that both natural and legal persons should be covered.

“There is little point in discussing whether a natural person will be unable to purchase a property, be it 1,000, 2,000 or 4,000 square metres, if the beneficial owner themselves will ultimately be able to acquire property through a corporate structure,” she said.

Konstantinou argued that the government should have presented a comprehensive proposal taking into account European law, the property market and Cyprus’ investment policy.

“Our aim must be a framework that genuinely protects national security and the Republic’s strategic interests, without creating unjustified or disproportionate restrictions that ultimately cause problems for the country’s economic and investment activity,” she said.

Meanwhile, Diko MP Panikos Leonidou called for immediate action to regulate land purchases by third-country nationals.

He said the situation had reached “uncontrolled proportions” and was causing concern among citizens.

Leonidou urged Interior Minister Constantinos Ioannou and his ministry to take the initiative and introduce comprehensive legislation.

“The ministry of the interior must immediately table a bill covering all aspects of this problem,” he said.

As anger boiled over in Spain about the death of Maricarmen Abascal two weeks after the 87-year-old pensioner was evicted from her Madrid home, Prime Minister Pedro Sanchez had no doubt who was to blame for the mounting housing crisis.

Emergency housing legislation passed after he dissolved parliament and called a snap election for November 29 would “stand up to vulture funds,” Sanchez said on October 6, adding that the measures would “target only those who regard housing as just another commodity to be speculated on.”

With rents rising 44% and house prices 58% over five years, protesters clamoured for a halt to speculation by so-called “fondos buitre” (vulture funds) that many blame for a raft of evictions such as Abascal’s.

But many in Spain are struggling to pin down exactly who these supposed predators are.

In the case of Abascal’s eviction, her landlord was not a big name private equity firm but rather a small consultancy called Urbagestión. Owned by two brothers, it has eight staff, a net profit of 2,990 euros ($3,350) last year and two properties to its name, according to the Association of Spanish Registrars.

After buying Abascal’s apartment eight years ago, Urbagestión increased her monthly rent to 1,650 euros from 570 euros, more than her monthly pension, according to the tenants’ union that represented her. The company took Abascal to court after discovering that her regulated rent contract had expired, court documents show.

“Urbagestión may not have been a ‘fund,’ but it is a ‘vulture SME (Small and Medium-sized Enterprise),’” Housing Minister Isabel Rodríguez said.

Who are Spain’s ‘vulture funds’?

Vulture funds first entered the Spanish lexicon after the 2008-2014 financial crisis to describe private equity funds or investment banks that bought rent-controlled flats and jacked up rents.

But companies including investment funds account for just 8% of Spain’s rental market, according to the Bank of Spain. The government has now widened the net to include anyone that makes a profit in the market, enmeshing small landlords who make up the majority of Spain’s rental market, said Fernando Rodriguez de Acuña, general director ‌of Madrid-based real estate analysis firm Acuña.

“It’s only natural that anyone should make a profit in the market. Otherwise, you wouldn’t get involved in the first place,” he said.

The government first attempted to define and regulate vulture funds in a 2023 housing law that limited the activities of “large holders” – people or companies who own 10 or more properties.

In the decrees issued this month, the parameters were tweaked so that those who own five or more properties in areas deemed to have housing shortages must also be included. They are now banned from buying property for less than 70% of its market value.

The legislation goes further by banning owners of more than two properties from evicting tenants until 2030, while all landlords will be subject to automatic contract extensions and rent freezes.

The increasingly nebulous definition of a vulture fund last week ensnared Montse Minguez, a parliamentary spokesperson in the Socialist party, who stepped down after Spanish website Articulo 14 reported that her husband owned a property company that rented out 30 apartments and had evicted several tenants.

When Antena 3 asked her why Urbagestión was considered predatory and her husband’s company was not, she said it was a family company that abided by the law and paid its taxes while vulture funds were “foreign money that buys up entire blocks of flats to drive people out of their neighbourhoods to turn them into holiday lets.”

“All we’re saying is that you can’t go for the jugular, nor can you turn to speculation or vulture funds,” she said.

Evictions surge as tenant protections expire

Spain has seen a surge in evictions since March when a pandemic-era law to protect vulnerable tenants expired.

Orders for about 70,000 evictions were reinstated after the law was not extended, according to the Tenants Union.

Olga Matute took her own life on September 7 after she was evicted in April. Her case had been pending since 2020 after a bank sold her apartment to a fund which would not accept a reduced rent.

The new measures give protection to nearly 5 million people, including 122,683 at risk of eviction, social groups including the Tenants Union said in a statement.

Landlords warn of shrinking rental supply

The decrees “are still a long way from what is needed, but they represent victories in guaranteeing the right to housing,” said Enric Aragonès, a spokesperson for the Catalonia Tenants’ Union.

But the measures will only serve to exacerbate the shortage of rental homes in the long term, said Jorge Galindo, director of Esade Center for Economic Policy (EsadeEcPo). “These are policies that protect those who have a rental at the expense of those who don’t yet have one,” said Galindo.

The National Federation of Estate Agents’ Associations (FAI) said some 600 estate agents had reported the withdrawal of some 2,067 properties for long-term let in the days after the decree. A further 1,523 letting agreements have been put on hold.

Nearly half of Spain’s housing rental stock is owned by single-property landlords, while large landlords account for just 3.6% of the market in the hands of individuals, according to EsadeEcPo research.

Investors shift towards student housing

Foreign private equity has been cutting its exposure to residential real estate in Spain for some time. Blackstone has reduced its portfolio of residential properties in Spain to 12,000 from a peak of 40,000 in 2017.

Funds are investing instead in projects such as student housing and shared, short-term rents often inclusive of amenities like gym membership known as flexible living, which are not governed by the same regulations.

More than 40% of the nearly 24,000 Spanish homes bought by investment firms over the past 12 months were student flats, according to MSCI data company.

CPP and Greystar, two of the top four cross-border investors in Spanish homes over the past two years, said their investments were entirely or mostly in student housing and flexible living.

“The fact is that the market isn’t controlled by large funds; it’s in the hands of small investors. So now it’s all the small investors who have to bear the entire burden,” Rodriguez de Acuña said. ($1 = 0.8923 euros)

Whatever you call it, we can all agree this doesn’t feel good.

Students and teachers in Athens and Thessaloniki demand affordable housing, higher wages and increased funding for public education.

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Students and teachers in Greece have mobilized in Athens and Thessaloniki to demand affordable housing, higher wages and greater investment in public education, joining a wave of youth-led protests over rising living costs and housing insecurity across Europe.

RELATED: Meloni Announces Decree Targeting Juvenile Gangs and Violent Street Demonstrations

Tents have been erected in Athens’ Syntagma Square and in Thessaloniki as demonstrators call for fair rents, more university housing and increased funding for public education.

Authorities deployed more than 3,000 police officers in Athens to monitor a demonstration scheduled for Wednesday, organized by students and teachers. The protests come amid similar mobilizations in France, Spain, Italy, Portugal and Albania, where young people are challenging housing costs that they say make it increasingly difficult to combine work or study with securing a home.

Students pitch tents near Greek parliament over rising costs

📍 Students set up tents in Athens’ Syntagma Square, near the Greek parliament

➡️ The protest highlights rising living costs and soaring rents in Greece https://t.co/oWWMU3xUax pic.twitter.com/N8YzeW9lZa

— Anadolu English (@anadoluagency) October 20, 2026

The Greek primary school teachers’ union, DOE, called a 24-hour strike to demand a 20% pay rise, housing assistance for teachers assigned to work in other cities and improvements to school facilities.

Around 20 student associations in Athens joined the mobilization, planning to march alongside teachers. Their demands include decent housing for all university students, particularly those from low-income families who move to other cities to pursue their studies, higher student allowances and more places in public university residences.

Students are also calling for lower electricity and heating fuel costs, highlighting the pressure of energy expenses alongside the cost of accommodation.

The demonstrations reflect broader grievances among young Europeans over housing affordability. Protesters across several countries have pointed to property speculation, tourism-driven pressures on housing and austerity policies imposed by the European Union as factors affecting their ability to secure a home.

Athens Mayor Haris Dukas, a social democrat, expressed support for students and teachers while making clear his opposition to violent protests.

The demonstrations add Greece to a broader wave of Generation Z mobilizations across Europe over housing costs, economic pressures and access to public services, with students and educators pressing for changes to living and working conditions.

European Union ministers have adopted a new recommendation calling for stronger measures to prevent homelessness and housing exclusion, as governments face increasing pressure over housing shortages and the cost of accommodation.

The recommendation was approved at a meeting of employment and social affairs ministers in Luxembourg on Monday, 19 October, and forms part of the European Commission’s wider efforts to address Europe’s housing crisis.

It proposes measures ranging from early intervention for households facing eviction to increased investment in affordable housing, improved access to social services and more coordinated support for people without permanent accommodation.

However, the recommendation is not legally binding. Member States will retain responsibility for deciding which measures to introduce, how they should be financed and the extent to which existing national housing policies should be changed.

More than one million people affected

According to the Council’s announcement, more than one million people are estimated to experience homelessness across the European Union.

The problem extends beyond people sleeping on streets or using emergency shelters.

The term housing exclusion also encompasses households living in inadequate accommodation, people facing imminent eviction and those unable to secure stable housing because of financial or personal circumstances.

The Council identifies poverty, unemployment, domestic violence, disability, poor health and insufficient affordable housing among the factors contributing to the problem.

Housing costs have also risen considerably faster than incomes in several European countries.

Between 2013 and 2024, nominal house prices increased by more than 60 per cent across the EU. In some Member States, average increases exceeded 220 per cent during the same period.

These developments have placed additional pressure on households with lower incomes, particularly in cities where rental accommodation is increasingly expensive and social housing is limited.

The shortage affects not only unemployed people but also individuals in paid employment whose earnings are insufficient to cover market rents.

Prevention before eviction

A central element of the new recommendation is the introduction or strengthening of national strategies intended to prevent homelessness before people lose their accommodation.

The Council encourages Member States to establish early-warning mechanisms capable of identifying households experiencing serious financial or housing difficulties.

Proposed interventions include debt counselling, emergency rental assistance, mediation between landlords and tenants, and appropriate safeguards against forced eviction.

The emphasis on prevention reflects the potentially substantial social and financial consequences of losing stable accommodation.

Once a person becomes homeless, obtaining employment, maintaining healthcare arrangements and securing permanent accommodation can become considerably more difficult.

The Council also calls for particular attention to children, young people leaving care and people facing domestic abuse.

Member States are encouraged to ensure that children have access to adequate housing and that young people leaving institutional or foster care are not placed at risk of homelessness because appropriate support arrangements are unavailable.

Greater emphasis on permanent housing

The recommendation promotes a housing-led approach, under which securing suitable and stable accommodation becomes a central element of the response to homelessness.

This differs from policies relying primarily on emergency shelters or temporary accommodation, although such facilities remain necessary for people facing immediate housing difficulties.

Housing-led programmes can include permanent accommodation accompanied by individual support services, depending on the person’s circumstances.

The Council also proposes simplifying access to social and healthcare services through integrated arrangements that allow people to obtain assistance without repeatedly approaching different public authorities.

One suggested model involves providing access to relevant services through a single contact point, with support from social workers, healthcare professionals and other organisations.

However, access to permanent housing ultimately depends on the availability of suitable properties.

The recommendation therefore calls for increased public and private investment in affordable and social housing, renovation of existing accommodation and support for non-profit housing models.

Questions over implementation and funding

The non-binding character of the recommendation remains one of its principal limitations.

European institutions can coordinate policies, provide guidance and support investment, but national governments and local authorities retain substantial responsibility for housing provision and social welfare arrangements.

The recommendation does not automatically establish a new EU housing entitlement or provide dedicated funding to every Member State.

Its effectiveness will depend on whether governments introduce measures capable of increasing housing supply and reducing the number of people entering homelessness.

The European Federation of National Organisations Working with the Homeless, known as FEANTSA, previously welcomed the Commission’s proposal while identifying shortcomings.

In its assessment of the original proposal, the organisation argued that EU policy should place greater emphasis on permanently ending homelessness rather than primarily managing housing exclusion.

It also questioned the adequacy of funding arrangements and the proposed five-year interval for national progress reporting.

Five-year assessment planned

Under the adopted recommendation, Member States are encouraged to provide the European Commission with information on the effectiveness of their national strategies every five years.

The Commission is expected to evaluate national progress and report to the Council five years after the recommendation’s adoption.

The policy follows the European Affordable Housing Plan, presented in December 2025, and the EU’s Anti-Poverty Strategy, introduced in May 2026.

Together, these initiatives seek to expand the Union’s role in coordinating housing policy without transferring national housing responsibilities to Brussels.

The first indication of whether the recommendation will produce measurable results will come from national decisions on social housing investment, eviction prevention and access to permanent accommodation. Without changes to those practical arrangements, the Council’s commitments will remain principally a framework for voluntary cooperation.

Tenants apply for an apartment listed at one price, only to find that they owe their landlords even more.

Happy Tuesday, and welcome to another edition of Rent Free. This week's newsletter includes stories on:

• The Trump administration's latest strategy for boosting manufactured housing construction.
• Anti-pot activists' use of California's environmental review law to stop new cannabis facilities.
• Yet another data center backlash in the heart of data center country.

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Chassis Gone but Not Forgotten

Building codes for traditional site-built housing are typically set by states or local governments. Manufactured housing, which is built in off-site factories and then delivered as a completed unit to its final destination, is controlled by building codes set by the U.S. Department of Housing and Urban Development (HUD).

One major piece of direct deregulation in the 21st Century Road to Housing Act, which became law in July, was the elimination of the HUD code's requirement that manufactured housing sit on a permanent steel chassis.

Wonks debate just how burdensome this rule was and how responsible it was for causing a major decline in the production of manufactured housing.

Regardless, no one believes that the requirement did anything but raise costs for what was once a major source of affordable housing.

While Congress' new housing law officially eliminates the chassis requirement, actually implementing this deregulatory change will require a number of additional federal rules and further local and state deregulation.

The Trump administration got the ball rolling on the former last week, when HUD unveiled its "Next Generation Manufactured Housing Action Plan."

It announced HUD's plan to begin crafting new construction safety and installation standards for now-permitted chassisless manufactured housing. The Road to Housing Act requires this rule change, but does not set a deadline for when it needs to be done.

Additionally, HUD announced its plan to begin rulemaking on creating new energy efficiency standards for manufactured housing, as required by the new housing law. This must be completed by July 2027.

That's the same deadline for states to submit certifications to the federal government that they've changed their own regulations on manufactured housing to conform to the new federal rules that no longer require a chassis.

These rule changes will all take time. We can at least be sure they will happen, given that the changes are required by the new housing law.

A potential bottleneck, as always, will be local zoning codes that are not directly impacted by Congress' reforms.

Many localities still define manufactured housing as a home that's built with a permanent chassis. That language could end up blocking manufactured homes constructed without a chassis under the new standards.

Another plank of HUD's action plan is to provide "stakeholders" with information on zoning for manufactured housing. The 21st Century Road to Housing Act also creates various financial incentives for localities to update their zoning codes to allow for more housing.

That is to say, carrots can still be brought to bear to ensure that local deregulation happens. But voluntary action on the part of localities or additional preemption of local zoning laws by states will still be required for federal chassis reform to be fully realized.

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Anti-Pot Group Uses Environmental Law To Block New Cannabusiness Zoning Rules

Recreational marijuana was legalized by California voters a decade ago. The rule changes needed to allow entrepreneurs to grow and sell the stuff are still a work in progress.

Back in August, after five years of work, San Diego County at last certified its environmental review of zoning changes that would dictate where commercial cannabusinesses like dispensaries and grow operations could set up shop in unincorporated areas.

That certification has merely led to another roadblock.

In September, the group No Skunk Butts filed a lawsuit under the California Environmental Quality Act (CEQA) to block implementation of the new zoning rules.

CEQA requires local governments to study the environmental impacts of discretionary actions they undertake, including zoning changes. Third parties are empowered by the law to sue if they believe a locality did not conduct a thorough enough review of a zoning change's environmental impacts.

As reported by Village News, No Skunk Butts alleges in its lawsuit that the county did not do enough to study cannabusinesses' potential impacts on water and air quality, as well as noise and odor.

This is hardly the first time that CEQA has been used to hamstring the expansion of California's legal cannabis industry. Local activists have frequently challenged individual permits for cannabusinesses and, as in San Diego County's case, cannabis zoning and licensing regimes.

In 2017, the California Legislature attempted to forestall some of this litigation by allowing localities to pass cannabis regulatory regimes without going through CEQA. But that reform merely shifted CEQA onto individual businesses, who'd have to do their own environmental analysis when applying for permits.

Despite legalization, California's heavy-handed regulation of the cannabis industry has enabled a large marijuana black market to persist. CEQA is a major, if underdiscussed, part of that story.

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A Data Center Backlash on the Edge of Data Center Alley

Last week, the Board of Supervisors of Fauquier County, Virginia, passed a raft of new restrictions on data center construction.

The new rules eliminate by-right zoning for data centers, meaning new projects will be required to obtain special, discretionary permits. The reforms also limit data center construction to a single zone within the county, reports InsideNoVa.

Prior to the changes, data centers were allowed to be built by right in business parks countywide.

The country is in the middle of a massive backlash against data center construction. It's thus not inherently surprising that a county government would pass new rules on data center construction.

It is conspicuous that Fauquier County would do so. The jurisdiction sits just to the south of Loudoun County, home to the world's largest concentration of data centers. (It's been nicknamed "data center alley.")

Data centers have been a massive economic driver in Northern Virginia and a massive fiscal boon to the Loudoun County government, which has taken in so much revenue from these facilities that it's been able to cut property taxes on homeowners.

Loudoun County itself recently eliminated by-right zoning for data centers, which it once regulated like office spaces.

It doesn't bode well for the industry if jurisdictions that once welcomed data centers with open arms, and profited handsomely from them, are moving to restrict new facilities.

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Quick Links

• Tim Carney on the surprising walkability of America's OG car-oriented suburb.
• The strange socialist-libertarian fusion that is Vancouver, Canada's First Nation housing developments.
• Texas landowners in the way of President Donald Trump's border wall fight the federal government's eminent domain efforts.
• A British charitable foundation calls on the government to use rent control to reduce the cost of affordable housing subsidies. Road to Serfdom, anyone?

The post Code Games 2.0 appeared first on Reason Magazine.

Tens of thousands of people have demonstrated across Spain after parliament rejected two government housing decrees, bringing the country’s dispute over rents, evictions and housing supply back onto the streets.

Tens of thousands of people marched across Spain on Saturday, 3rd October, demanding action over rising rents, evictions and access to housing, a day after parliament rejected two government measures intended to strengthen protections for tenants.

In Madrid, the government delegation estimated attendance at around 70,000, while organisers put the figure considerably higher. Demonstrations were organised in more than 50 cities. In Valencia, clashes broke out near a property investment conference at the City of Arts and Sciences, while protests elsewhere were largely peaceful. The nationwide demonstrations followed several days of mobilisation by Spanish tenants’ organisations.

The immediate political trigger came on Friday, when the Congress of Deputies rejected two housing decrees proposed by Prime Minister Pedro Sánchez’s minority government.

The government had approved a package of emergency housing measures including stronger protection against evictions for vulnerable households, changes affecting property investment companies and measures intended to increase the availability of affordable rental accommodation. A second decree included provisions for the automatic renewal of some rental contracts.

The measures were defeated after the Popular Party, Vox and Junts opposed them. Junts argued that the proposals would not resolve the underlying shortage of housing and risked discouraging property owners from putting homes onto the market.

Housing has become one of Spain’s most politically sensitive domestic issues, particularly in Madrid, Barcelona, Valencia and other cities where rising demand has coincided with limited supply, strong tourism and a large short-term rental market.

The protests have also been shaped by the eviction of 87-year-old Maricarmen Abascal from the Madrid flat where she had lived for decades. The case attracted national attention and became a focal point for campaigners demanding stronger protection for tenants.

Spain has already taken measures against short-term tourist accommodation. EU Today reported last year on Spain’s move to block more than 65,000 Airbnb listings that the authorities said did not comply with regulatory requirements.

Barcelona has gone further, announcing plans to end approximately 10,000 tourist-apartment licences by 2028 as the city seeks to return properties to the long-term residential market.

The argument, however, extends beyond holiday rentals.

Spain faces a structural shortage of housing in areas experiencing strong population and employment growth. Tenant organisations favour stronger rent controls, longer contracts and greater restrictions on institutional investors. Property organisations and political opponents of tighter controls argue that excessive intervention can reduce rental supply and discourage construction.

The same debate is increasingly visible across Europe.

Figures published by Eurostat on 1 October showed EU house prices rising by 4.7 per cent in the second quarter of 2026 compared with the same period last year. Rents increased by 3 per cent. Compared with the first quarter, house prices rose by 1.2 per cent and rents by 0.7 per cent.

EU Today recently examined how Berlin’s housing shortage and rapidly rising rents became a central issue in the city’s election campaign, illustrating how affordability has moved up the political agenda across several European capitals.

Brussels has also become more involved. The European Commission’s first European Affordable Housing Plan, presented in December 2025, focuses on increasing supply, mobilising investment, accelerating construction and giving authorities additional scope to address short-term rentals in areas experiencing housing pressure.

EU Today reported when the plan was launched that it included proposals for new action on short-term rentals and housing investment. The Commission has since begun building a European Housing Alliance bringing together governments, cities, regions and housing organisations.

The Commission estimates that house prices across the EU have risen by more than 60 per cent since 2013, while average rents have increased by around 20 per cent. It has nevertheless stressed that most housing policy remains under national, regional and local authority.

Spain therefore represents one of the more acute versions of a wider European problem: how to increase supply while deciding how far governments should regulate rents, tourist accommodation and investment in residential property.

Saturday’s demonstrations show that the issue is no longer confined to housing policy.

For Sánchez, the defeat of the two decrees has exposed once again the difficulty of securing parliamentary majorities for major legislation. For Spain’s opposition parties, the dispute centres increasingly on whether government intervention is helping to expand housing supply or restricting it.

For tenants facing higher rents, the immediate question is whether any new legislation can materially increase the number of homes they can afford.