The Future. Spain’s Prime Minister believes that people under 35 could use some help paying the rent, so he’s proposing a new housing subsidy. As high rents and low wages increasingly plague the U.S., don’t be surprised if an American city eventually tries the experiment as well.
The case for your own space
Spain is telling people to stop mooching off mom and dad.
- Prime Minister Pedro Sánchez is proposing that citizens between the ages of 18-35 should receive a housing subsidy of 250 euros (about $289).
- Only residents making under 23,725 euros (about $27,424) would be eligible.
- A separate proposal would institute rent caps on corporate landlords who own multiple properties.
So what’s the reasoning behind the proposed payments? High rents and low wages keep the average Spaniard living at their parents’ home until 30 years old.
The proposals come as Europe is seeing a wave of rent issues in major cities amidst stagnant wages (the U.S. would also like a word). PM Sánchez said, “We need cohesive and sustainable cities that are clean and conducive to the emancipation of young people.”
Please do L.A. next.